NewEdge Advisors LLC Buys New Holdings in Park Hotels & Resorts Inc. $PK

NewEdge Advisors LLC purchased a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 40,836 shares of the financial services provider’s stock, valued at approximately $430,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Amundi boosted its stake in shares of Park Hotels & Resorts by 1.9% during the first quarter. Amundi now owns 115,143 shares of the financial services provider’s stock valued at $1,119,000 after purchasing an additional 2,179 shares during the period. Millennium Management LLC grew its holdings in shares of Park Hotels & Resorts by 849.3% in the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock worth $5,595,000 after purchasing an additional 468,668 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Park Hotels & Resorts in the first quarter worth $152,000. Empowered Funds LLC increased its stake in shares of Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock worth $239,000 after buying an additional 2,058 shares during the period. Finally, Focus Partners Wealth raised its holdings in Park Hotels & Resorts by 30.6% during the 1st quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock valued at $199,000 after buying an additional 4,374 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Price Performance

PK opened at $15.81 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -19.05, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34. The stock has a fifty day simple moving average of $14.73 and a two-hundred day simple moving average of $12.57. Park Hotels & Resorts Inc. has a 12-month low of $9.84 and a 12-month high of $15.97.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The firm had revenue of $680.00 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Research analysts predict that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on PK. Weiss Ratings raised shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Barclays upped their price objective on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday, August 14th. Morgan Stanley raised their target price on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, LADENBURG THALM/SH SH lifted their price objective on Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.92.

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.