Arrowstreet Capital Limited Partnership Sells 945,247 Shares of Park Hotels & Resorts Inc. $PK

Arrowstreet Capital Limited Partnership decreased its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 40.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,420,540 shares of the financial services provider's stock after selling 945,247 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.71% of Park Hotels & Resorts worth $14,958,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PK. Danske Bank A S purchased a new position in shares of Park Hotels & Resorts during the third quarter valued at approximately $25,000. Fifth Third Bancorp lifted its stake in Park Hotels & Resorts by 68.8% in 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 bought a new stake in Park Hotels & Resorts in the third quarter valued at $34,000. Harbor Capital Advisors Inc. boosted its holdings in Park Hotels & Resorts by 293.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,181 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 3,863 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Park Hotels & Resorts by 33.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,844 shares of the financial services provider's stock valued at $61,000 after purchasing an additional 1,464 shares during the period. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Trading Down 1.7%

Park Hotels & Resorts stock opened at $15.06 on Friday. Park Hotels & Resorts Inc. has a 12 month low of $9.84 and a 12 month high of $15.48. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -13.82, a price-to-earnings-growth ratio of 2.03 and a beta of 1.33. The business's fifty day simple moving average is $14.12 and its two-hundred day simple moving average is $12.15. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.33). The company had revenue of $622.00 million for the quarter, compared to the consensus estimate of $609.77 million. Park Hotels & Resorts had a negative net margin of 8.49% and a negative return on equity of 6.71%. Park Hotels & Resorts's revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, equities analysts predict that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PK shares. Truist Financial upped their price objective 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. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $12.00 target price on shares of Park Hotels & Resorts in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of Park Hotels & Resorts from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, May 20th. LADENBURG THALM/SH SH increased their price target on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Finally, Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a "hold" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $13.18.

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.

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