219,749 Shares in Park Hotels & Resorts Inc. $PK Bought by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio acquired 219,749 Park Hotels & Resorts shares valued at approximately $3.13 million, representing a 0.11% stake. Institutional investors collectively own 92.69% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $14.42, although BMO Capital Markets upgraded the stock to “outperform” with an $18 target.
• Park Hotels reported quarterly EPS of $0.24, matching estimates, while revenue of $680 million exceeded expectations. The company also declared a quarterly dividend of $0.25, equivalent to a 6.5% annualized yield.

Public Employees Retirement System of Ohio acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 219,749 shares of the financial services provider's stock, valued at approximately $3,131,000. Public Employees Retirement System of Ohio owned 0.11% of Park Hotels & Resorts at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PK. Danske Bank A S acquired a new position in shares of Park Hotels & Resorts in the 3rd quarter valued at about $25,000. Global Retirement Partners LLC bought a new stake in shares of Park Hotels & Resorts during the 2nd quarter valued at about $25,000. Fifth Third Bancorp raised its stake in Park Hotels & Resorts by 68.8% during the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider's stock worth $27,000 after acquiring an additional 1,061 shares during the period. Advisory Services Network LLC acquired a new stake in Park Hotels & Resorts during the third quarter worth about $34,000. Finally, North Star Investment Management Corp. lifted its holdings in Park Hotels & Resorts by 263.2% in the first quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider's stock worth $65,000 after acquiring an additional 4,500 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings upgraded Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. BMO Capital Markets upgraded Park Hotels & Resorts from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $14.00 to $18.00 in a research report on Tuesday. Morgan Stanley raised their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a report on Friday, July 17th. Cantor Fitzgerald boosted their price objective on Park Hotels & Resorts from $12.00 to $15.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company upgraded Park Hotels & Resorts to a "hold" rating in a research note on Thursday, July 23rd. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.42.

Park Hotels & Resorts Stock Up 1.3%

PK opened at $15.27 on Friday. The stock's 50 day moving average price is $14.94 and its 200 day moving average price is $12.86. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53. The stock has a market cap of $3.07 billion, a P/E ratio of -18.40, a P/E/G ratio of 1.96 and a beta of 1.33. Park Hotels & Resorts Inc. has a 12 month low of $9.84 and a 12 month high of $16.20.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $680.00 million during the quarter, compared to analysts' expectations of $659.68 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The company's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. As a group, research analysts predict that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts's dividend payout ratio is currently -120.48%.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company's primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

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