Legal & General Group Plc Makes New Investment in Park Hotels & Resorts Inc. $PK

Legal & General Group Plc acquired a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,185,738 shares of the financial services provider’s stock, valued at approximately $16,897,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Park Hotels & Resorts during the 2nd quarter worth approximately $444,311,000. Donald Smith & CO. Inc. lifted its position in shares of Park Hotels & Resorts by 14.2% during the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider’s stock valued at $152,903,000 after buying an additional 1,813,338 shares in the last quarter. Bank of America Corp DE grew its stake in Park Hotels & Resorts by 1.6% in the 3rd quarter. Bank of America Corp DE now owns 13,074,474 shares of the financial services provider’s stock valued at $144,865,000 after acquiring an additional 203,922 shares during the period. AQR Capital Management LLC grew its stake in Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after acquiring an additional 3,361,382 shares during the period. Finally, Sculptor Capital LP increased its holdings in Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock worth $66,844,000 after acquiring an additional 3,962,304 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Trading Up 0.1%

Shares of PK stock opened at $15.84 on Monday. The stock’s fifty day moving average is $14.86 and its two-hundred day moving average is $12.74. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market capitalization of $3.19 billion, a P/E ratio of -19.08, a PEG ratio of 2.06 and a beta of 1.34. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. The business had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Research analysts expect that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio is currently -120.48%.

Wall Street Analysts Forecast Growth

PK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. LADENBURG THALM/SH SH upped their price target on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $18.00 price target on shares of Park Hotels & Resorts in a research note on Friday, August 14th. Finally, Truist Financial boosted their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.08.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.