Park Hotels & Resorts Inc (PK) Holdings Lifted by Raymond James & Associates

Park Hotels & Resorts Inc (PK) Holdings Lifted by Raymond James & Associates

Raymond James & Associates lifted its position in Park Hotels & Resorts Inc (NYSE:PK) by 73.0% in the 1st quarter, HoldingsChannel reports. The fund owned 1,863,965 shares of the financial services provider’s stock after acquiring an additional 786,620 shares during the quarter. Raymond James & Associates’ holdings in Park Hotels & Resorts were worth $57,932,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PK. Cohen & Steers Inc. boosted its position in shares of Park Hotels & Resorts by 18.9% during the 4th quarter. Cohen & Steers Inc. now owns 23,422,923 shares of the financial services provider’s stock worth $608,528,000 after purchasing an additional 3,721,425 shares during the period. Norges Bank acquired a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at $50,442,000. BlackRock Inc. raised its holdings in shares of Park Hotels & Resorts by 10.9% in the 4th quarter. BlackRock Inc. now owns 18,853,963 shares of the financial services provider’s stock valued at $489,827,000 after purchasing an additional 1,855,859 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in shares of Park Hotels & Resorts by 230.0% in the 4th quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,902,122 shares of the financial services provider’s stock valued at $49,417,000 after purchasing an additional 1,325,779 shares in the last quarter. Finally, Vanguard Group Inc raised its holdings in shares of Park Hotels & Resorts by 3.8% in the 3rd quarter. Vanguard Group Inc now owns 30,594,200 shares of the financial services provider’s stock valued at $1,004,101,000 after purchasing an additional 1,107,521 shares in the last quarter.

NYSE:PK traded up $0.11 during midday trading on Thursday, hitting $30.84. 7,798 shares of the company were exchanged, compared to its average volume of 1,670,807. Park Hotels & Resorts Inc has a fifty-two week low of $25.30 and a fifty-two week high of $34.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $6.12 billion, a P/E ratio of 10.42, a P/E/G ratio of 2.04 and a beta of 1.27.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Monday, May 6th. The financial services provider reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.01. Park Hotels & Resorts had a net margin of 15.32% and a return on equity of 7.38%. The firm had revenue of $659.00 million for the quarter, compared to analyst estimates of $655.79 million. During the same period last year, the business earned $0.65 EPS. Park Hotels & Resorts’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc will post 2.95 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.80 annualized dividend and a yield of 5.84%. Park Hotels & Resorts’s dividend payout ratio is currently 60.81%.

A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Deutsche Bank set a $34.00 price objective on shares of Park Hotels & Resorts and gave the company a “hold” rating in a report on Friday, March 1st. Barclays reiterated a “buy” rating and set a $35.00 price target on shares of Park Hotels & Resorts in a research note on Sunday, March 3rd. JPMorgan Chase & Co. set a $29.00 price target on shares of Park Hotels & Resorts and gave the stock a “hold” rating in a research note on Thursday, February 28th. Finally, Nomura lifted their price target on shares of Park Hotels & Resorts from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, February 28th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $33.00.

Park Hotels & Resorts Company Profile

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.

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