State Board of Administration of Florida Retirement System Has $5.77 Million Position in Park Hotels & Resorts Inc. (NYSE:PK)

State Board of Administration of Florida Retirement System cut its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 301,270 shares of the financial services provider’s stock after selling 8,094 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.13% of Park Hotels & Resorts worth $5,766,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Masterton Capital Management LP bought a new stake in Park Hotels & Resorts in the 2nd quarter valued at $11,030,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Park Hotels & Resorts by 6.6% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,427 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 1,335 shares during the period. Twin Tree Management LP bought a new stake in Park Hotels & Resorts in the 2nd quarter valued at $864,000. State of Alaska Department of Revenue boosted its stake in Park Hotels & Resorts by 16.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 157,804 shares of the financial services provider’s stock valued at $3,019,000 after purchasing an additional 22,300 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Park Hotels & Resorts by 0.9% in the 2nd quarter. Commonwealth Equity Services LLC now owns 397,106 shares of the financial services provider’s stock valued at $8,184,000 after purchasing an additional 3,726 shares during the period. 85.68% of the stock is currently owned by institutional investors and hedge funds.

Shares of PK stock opened at $19.44 on Friday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.05. Park Hotels & Resorts Inc. has a twelve month low of $15.77 and a twelve month high of $24.67. The company has a market cap of $4.60 billion, a P/E ratio of -7.53 and a beta of 2.10. The business has a fifty day simple moving average of $18.75 and a 200 day simple moving average of $18.92.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, November 3rd. The financial services provider reported ($0.36) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.37). Park Hotels & Resorts had a negative return on equity of 13.16% and a negative net margin of 59.47%. The business had revenue of $423.00 million for the quarter, compared to the consensus estimate of $416.88 million. During the same quarter in the prior year, the company earned ($0.63) earnings per share. As a group, equities research analysts anticipate that Park Hotels & Resorts Inc. will post -0.64 earnings per share for the current fiscal year.

Several analysts recently issued reports on PK shares. The Goldman Sachs Group downgraded Park Hotels & Resorts from a “neutral” rating to a “sell” rating and reduced their price target for the company from $20.00 to $18.00 in a research note on Tuesday, December 14th. Wells Fargo & Company downgraded Park Hotels & Resorts from an “overweight” rating to an “equal weight” rating in a research report on Monday, October 18th. Truist Securities upped their target price on Park Hotels & Resorts from $18.00 to $22.00 and gave the company a “hold” rating in a research report on Friday, December 3rd. Bank of America downgraded Park Hotels & Resorts from a “buy” rating to a “neutral” rating and cut their target price for the company from $24.00 to $23.00 in a research report on Monday, January 10th. Finally, Zacks Investment Research downgraded Park Hotels & Resorts from a “strong-buy” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.13.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.

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

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