Edgestream Partners L.P. Sells 42,809 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Edgestream Partners L.P. decreased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 12.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 290,463 shares of the financial services provider’s stock after selling 42,809 shares during the period. Edgestream Partners L.P. owned 0.14% of Park Hotels & Resorts worth $4,351,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PK. Norges Bank acquired a new stake in Park Hotels & Resorts in the fourth quarter valued at approximately $31,745,000. Jupiter Asset Management Ltd. increased its stake in Park Hotels & Resorts by 286.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after purchasing an additional 1,925,850 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Park Hotels & Resorts by 601.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock valued at $36,921,000 after purchasing an additional 1,809,886 shares in the last quarter. SG Americas Securities LLC raised its holdings in Park Hotels & Resorts by 15,714.0% during the first quarter. SG Americas Securities LLC now owns 1,301,019 shares of the financial services provider’s stock worth $22,755,000 after buying an additional 1,292,792 shares during the last quarter. Finally, Epoch Investment Partners Inc. lifted its stake in shares of Park Hotels & Resorts by 135.7% in the first quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after buying an additional 801,372 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PK. Barclays lifted their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Truist Financial decreased their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Wedbush restated a “neutral” rating and set a $17.00 price objective on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Wells Fargo & Company reduced their target price on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Friday, September 13th. Finally, Evercore ISI dropped their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $16.96.

Park Hotels & Resorts Trading Up 2.1 %

Shares of PK stock opened at $14.38 on Wednesday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. The firm has a market cap of $3.03 billion, a P/E ratio of 32.68, a PEG ratio of 0.66 and a beta of 2.02. The company has a 50 day moving average of $14.51 and a 200-day moving average of $15.59. Park Hotels & Resorts Inc. has a 12-month low of $11.05 and a 12-month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. The firm had revenue of $686.00 million during the quarter, compared to analysts’ expectations of $694.94 million. Sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.95%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.27%.

Park Hotels & Resorts Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.