Corient Private Wealth LP Takes Position in Park Hotels & Resorts Inc. $PK

Corient Private Wealth LP bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, Holdings Channel.com reports. The firm bought 480,261 shares of the financial services provider’s stock, valued at approximately $6,844,000.

Other large investors have also recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in Park Hotels & Resorts during the second quarter worth approximately $25,000. Danske Bank A S acquired a new stake in shares of Park Hotels & Resorts in the third quarter valued at approximately $25,000. Fifth Third Bancorp grew its position in shares of Park Hotels & Resorts by 68.8% during the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 1,061 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Park Hotels & Resorts during the third quarter worth approximately $34,000. Finally, North Star Investment Management Corp. grew its position in shares of Park Hotels & Resorts by 263.2% during the first quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 4,500 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PK has been the subject of several research reports. LADENBURG THALM/SH SH upped their price target on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. 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. Morgan Stanley lifted their price objective on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday, August 14th. Finally, Truist Financial increased their target price on shares of 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 investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts currently has a consensus rating of “Hold” and an average price target of $14.08.

Park Hotels & Resorts Trading Up 0.1%

NYSE:PK opened at $15.84 on Monday. Park Hotels & Resorts Inc. has a 12-month low of $9.84 and a 12-month high of $16.20. 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 stock’s 50 day simple moving average is $14.86 and its 200-day simple moving average is $12.74. The firm has a market cap 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 (NYSE:PK) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The firm had revenue of $680.00 million during the quarter, compared to the consensus estimate of $659.68 million. During the same period last year, the company earned $0.64 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

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

About Park Hotels & Resorts

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.