Renaissance Technologies LLC Boosts Stake in Park Hotels & Resorts Inc (PK)

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Renaissance Technologies LLC increased its holdings in Park Hotels & Resorts Inc (NYSE:PK) by 65.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,363,400 shares of the financial services provider’s stock after buying an additional 539,443 shares during the period. Renaissance Technologies LLC owned about 0.68% of Park Hotels & Resorts worth $41,761,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in Park Hotels & Resorts by 17.1% during the 2nd quarter. BlackRock Inc. now owns 16,256,506 shares of the financial services provider’s stock valued at $497,938,000 after purchasing an additional 2,368,733 shares during the period. JPMorgan Chase & Co. boosted its stake in Park Hotels & Resorts by 7.6% during the 1st quarter. JPMorgan Chase & Co. now owns 8,230,938 shares of the financial services provider’s stock valued at $222,401,000 after purchasing an additional 581,941 shares during the period. Brookfield Asset Management Inc. boosted its stake in Park Hotels & Resorts by 52.2% during the 1st quarter. Brookfield Asset Management Inc. now owns 6,872,340 shares of the financial services provider’s stock valued at $185,691,000 after purchasing an additional 2,356,231 shares during the period. Centersquare Investment Management LLC boosted its stake in Park Hotels & Resorts by 13.1% during the 2nd quarter. Centersquare Investment Management LLC now owns 4,805,270 shares of the financial services provider’s stock valued at $147,186,000 after purchasing an additional 557,812 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Park Hotels & Resorts by 8.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,192,643 shares of the financial services provider’s stock valued at $128,420,000 after purchasing an additional 327,965 shares during the period.

A number of research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Park Hotels & Resorts from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 11th. SunTrust Banks reissued a “buy” rating on shares of Park Hotels & Resorts in a research note on Friday, August 3rd. Barclays reissued a “buy” rating on shares of Park Hotels & Resorts in a research note on Friday, August 3rd. Evercore ISI lowered shares of Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research note on Monday, August 20th. Finally, Goldman Sachs Group lowered shares of Park Hotels & Resorts from a “neutral” rating to a “sell” rating and reduced their target price for the company from $32.92 to $31.00 in a research note on Sunday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Park Hotels & Resorts has an average rating of “Hold” and an average price target of $31.28.

Shares of NYSE:PK opened at $33.65 on Friday. The company has a market capitalization of $6.68 billion, a PE ratio of 11.37, a P/E/G ratio of 2.39 and a beta of 0.49. Park Hotels & Resorts Inc has a twelve month low of $23.91 and a twelve month high of $34.27. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.51.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.11. The company had revenue of $731.00 million during the quarter, compared to analyst estimates of $696.01 million. Park Hotels & Resorts had a net margin of 19.08% and a return on equity of 8.41%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 EPS. equities analysts forecast that Park Hotels & Resorts Inc will post 2.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date is Thursday, September 27th. Park Hotels & Resorts’s dividend payout ratio is currently 61.87%.

Park Hotels & Resorts Company Profile

Park is a leading lodging REIT with a diverse portfolio of hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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