Park Hotels & Resorts Inc (PK) Position Lifted by BlackRock Inc.

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BlackRock Inc. lifted its stake in Park Hotels & Resorts Inc (NYSE:PK) by 17.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,256,506 shares of the financial services provider’s stock after buying an additional 2,368,733 shares during the period. BlackRock Inc. owned approximately 0.08% of Park Hotels & Resorts worth $497,938,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Centersquare Investment Management LLC purchased a new position in Park Hotels & Resorts during the 1st quarter worth $114,766,000. PGGM Investments purchased a new position in Park Hotels & Resorts during the 2nd quarter worth $86,176,000. Brookfield Asset Management Inc. grew its position 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 worth $185,691,000 after purchasing an additional 2,356,231 shares during the last quarter. OppenheimerFunds Inc. grew its position in Park Hotels & Resorts by 10,663.0% during the 1st quarter. OppenheimerFunds Inc. now owns 1,689,902 shares of the financial services provider’s stock worth $45,661,000 after purchasing an additional 1,674,201 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Park Hotels & Resorts by 128.2% during the 2nd quarter. American Century Companies Inc. now owns 2,234,322 shares of the financial services provider’s stock worth $68,437,000 after purchasing an additional 1,255,290 shares during the last quarter.

PK has been the topic of several research reports. SunTrust Banks reissued a “buy” rating on shares of Park Hotels & Resorts in a research report on Friday, August 3rd. Zacks Investment Research raised shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Saturday, May 12th. Jefferies Financial Group set a $38.00 price objective on shares of Park Hotels & Resorts and gave the stock a “buy” rating in a research report on Friday, August 3rd. Barclays reissued a “buy” rating on shares of Park Hotels & Resorts in a research report on Friday, August 3rd. Finally, Evercore ISI downgraded shares of Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research report on Monday, August 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $31.28.

PK stock opened at $34.01 on Friday. Park Hotels & Resorts Inc has a one year low of $23.91 and a one year high of $34.27. The firm has a market capitalization of $6.77 billion, a PE ratio of 12.23, a PEG ratio of 2.42 and a beta of 0.49. 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 released its earnings results on Wednesday, August 1st. The financial services provider reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.11. Park Hotels & Resorts had a net margin of 19.08% and a return on equity of 8.41%. The company had revenue of $731.00 million during the quarter, compared to analysts’ expectations of $696.01 million. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was down .3% on a year-over-year basis. research analysts expect that Park Hotels & Resorts Inc will post 2.86 EPS for the current year.

The company also recently announced 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 annualized dividend and a dividend yield of 5.06%. The ex-dividend date is Thursday, September 27th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 61.87%.

Park Hotels & Resorts 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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