Advisors Capital Management LLC Purchases Shares of 1,344,540 Park Hotels & Resorts Inc. $PK

Advisors Capital Management LLC bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,344,540 shares of the financial services provider's stock, valued at approximately $19,160,000. Advisors Capital Management LLC owned about 0.67% of Park Hotels & Resorts at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Park Hotels & Resorts during the second quarter worth $444,311,000. Donald Smith & CO. Inc. boosted its holdings in shares of Park Hotels & Resorts by 14.2% during the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider's stock worth $152,903,000 after buying an additional 1,813,338 shares during the period. Bank of America Corp DE boosted its holdings in shares of Park Hotels & Resorts by 1.6% during the 3rd quarter. Bank of America Corp DE now owns 13,074,474 shares of the financial services provider's stock worth $144,865,000 after buying an additional 203,922 shares during the period. AQR Capital Management LLC grew its stake in Park Hotels & Resorts by 76.7% in 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 buying an additional 3,361,382 shares during the last quarter. Finally, Sculptor Capital LP grew its stake in Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider's stock valued at $66,844,000 after buying an additional 3,962,304 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Stock Performance

Shares of NYSE:PK opened at $15.82 on Friday. Park Hotels & Resorts Inc. has a 1 year low of $9.84 and a 1 year high of $15.97. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -19.06, a price-to-earnings-growth ratio of 2.09 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. The company's 50 day simple moving average is $14.71 and its 200 day simple moving average is $12.54.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting analysts' consensus estimates of $0.24. The firm had revenue of $680.00 million for the quarter, compared to the consensus estimate 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 was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. As a group, research analysts predict that Park Hotels & Resorts Inc. will post 1.79 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PK shares. Morgan Stanley boosted their target price on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, July 17th. BMO Capital Markets reaffirmed a "market perform" rating and set a $14.00 price target on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a "hold" rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $18.00 price objective on shares of Park Hotels & Resorts in a report on Friday, August 14th. Finally, Barclays increased their target price on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the stock an "equal weight" rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $13.92.

About Park Hotels & Resorts

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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