Summit Global Investments Buys Shares of 83,423 Park Hotels & Resorts Inc. (NYSE:PK)

Summit Global Investments bought a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 83,423 shares of the financial services provider’s stock, valued at approximately $1,250,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC increased its position in shares of Park Hotels & Resorts by 1,826.1% during the fourth quarter. International Assets Investment Management LLC now owns 29,759 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 28,214 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Park Hotels & Resorts during the fourth quarter valued at approximately $903,000. Mackenzie Financial Corp increased its position in shares of Park Hotels & Resorts by 111.3% during the fourth quarter. Mackenzie Financial Corp now owns 23,830 shares of the financial services provider’s stock valued at $365,000 after acquiring an additional 12,552 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Park Hotels & Resorts by 3.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,358 shares of the financial services provider’s stock valued at $1,367,000 after acquiring an additional 2,959 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Park Hotels & Resorts by 12.9% during the fourth quarter. Federated Hermes Inc. now owns 45,391 shares of the financial services provider’s stock valued at $694,000 after acquiring an additional 5,169 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on PK. Truist Financial cut their target price on shares of Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. StockNews.com raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Wedbush reaffirmed a “neutral” rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Barclays lifted their target price on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. 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 note on Tuesday, August 13th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.42.

Park Hotels & Resorts Price Performance

Shares of NYSE PK traded up $0.36 during mid-day trading on Wednesday, hitting $14.69. 851,007 shares of the company’s stock traded hands, compared to its average volume of 2,706,945. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58. The company’s 50-day moving average is $14.59 and its two-hundred day moving average is $15.73. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The company has a market capitalization of $3.09 billion, a P/E ratio of 32.93, a PEG ratio of 0.67 and a beta of 2.03.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 6.81%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 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.