Wilmington Savings Fund Society FSB Acquires New Shares in Park Hotels & Resorts Inc. (NYSE:PK)

Wilmington Savings Fund Society FSB bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 33,819 shares of the financial services provider’s stock, valued at approximately $477,000.

Other institutional investors also recently modified their holdings of the company. Donald Smith & CO. Inc. raised its stake in Park Hotels & Resorts by 22.5% during the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after buying an additional 1,484,295 shares during the period. AQR Capital Management LLC raised its position in shares of Park Hotels & Resorts by 287.7% during the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after purchasing an additional 3,897,889 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Park Hotels & Resorts by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock valued at $46,638,000 after purchasing an additional 115,391 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Park Hotels & Resorts by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock valued at $40,928,000 after purchasing an additional 66,093 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in shares of Park Hotels & Resorts by 286.9% in 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 during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PK has been the topic of several research analyst reports. Wells Fargo & Company raised their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. UBS Group lifted their price target on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Finally, Bank of America dropped their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts presently has an average rating of “Hold” and a consensus price target of $18.55.

Park Hotels & Resorts Stock Up 0.7 %

PK stock opened at $15.39 on Tuesday. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 9.80, a P/E/G ratio of 6.90 and a beta of 2.03. Park Hotels & Resorts Inc. has a twelve month low of $13.23 and a twelve month high of $18.05. The business has a 50 day moving average price of $14.70 and a two-hundred day moving average price of $14.68. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. During the same period in the prior year, the business posted $0.51 earnings per share. Park Hotels & Resorts’s quarterly revenue was down 4.4% compared to the same quarter last year. Analysts anticipate that Park Hotels & Resorts Inc. will post 1.96 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 16.89%. Park Hotels & Resorts’s payout ratio is currently 63.69%.

About Park Hotels & Resorts

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.