516,800 Shares in Park Hotels & Resorts Inc. $PK Bought by Algert Global LLC

Key Points

• Algert Global LLC acquired 516,800 shares of Park Hotels & Resorts in the second quarter, valued at approximately $7.4 million. Institutional investors collectively own 92.69% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and a $13.92 price target, despite Deutsche Bank reiterating a Buy rating with an $18 target.
• Park Hotels & Resorts reported quarterly revenue of $680 million, ahead of estimates, while EPS matched expectations at $0.24. The company also declared a $0.25 quarterly dividend, representing a 6.3% annualized yield.

Algert Global LLC purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 516,800 shares of the financial services provider's stock, valued at approximately $7,364,000. Algert Global LLC owned 0.26% of Park Hotels & Resorts at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Park Hotels & Resorts during the 2nd quarter worth approximately $444,311,000. Donald Smith & CO. Inc. bought a new stake in Park Hotels & Resorts in the 2nd quarter valued at $207,120,000. Sculptor Capital LP lifted its holdings in shares of Park Hotels & Resorts by 154.1% during the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider's stock worth $66,844,000 after acquiring an additional 3,962,304 shares during the period. AQR Capital Management LLC boosted its position in shares of Park Hotels & Resorts by 76.7% during the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider's stock valued at $79,230,000 after acquiring an additional 3,361,382 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Park Hotels & Resorts by 34.6% in the second quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider's stock valued at $131,666,000 after acquiring an additional 3,309,275 shares during the period. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $18.00 target price on shares of Park Hotels & Resorts in a research report on Friday, August 14th. Truist Financial upped their target price on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a "hold" rating in a report on Tuesday, May 26th. Morgan Stanley increased their target price on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Weiss Ratings raised shares of Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $14.00 price target on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Park Hotels & Resorts presently has a consensus rating of "Hold" and a consensus target price of $13.92.

Park Hotels & Resorts Stock Down 1.5%

Shares of NYSE:PK opened at $15.92 on Thursday. The company has a 50 day moving average of $14.82 and a 200-day moving average of $12.68. Park Hotels & Resorts Inc. has a one year low of $9.84 and a one year high of $16.20. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -19.18, a P/E/G ratio of 2.14 and a beta of 1.34. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting analysts' consensus estimates of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. During the same quarter in the previous year, the business earned $0.64 EPS. The business's quarterly revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts's payout ratio is presently -120.48%.

Park Hotels & Resorts Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.