Bank of America Corp DE Makes New Investment in Park Hotels & Resorts Inc. $PK

Key Points

• Bank of America acquired 9.58 million shares of Park Hotels & Resorts in the second quarter, worth approximately $136.5 million and representing a 4.76% stake.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $15.00; targets range from $14 to $20.
• Park Hotels & Resorts reported quarterly revenue of $680 million and adjusted earnings of $0.24 per share, while maintaining a $0.25 quarterly dividend, equivalent to a 6.6% annualized yield.

Bank of America Corp DE purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 9,578,107 shares of the financial services provider's stock, valued at approximately $136,488,000. Bank of America Corp DE owned approximately 4.76% of Park Hotels & Resorts at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Global Retirement Partners LLC acquired a new stake in shares of Park Hotels & Resorts during the second quarter worth $25,000. Fifth Third Bancorp increased its position in shares of Park Hotels & Resorts by 68.8% in the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 1,061 shares during the period. Allworth Financial LP acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at $73,000. North Star Investment Management Corp. raised its stake in Park Hotels & Resorts by 263.2% in the 1st 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. Finally, Intrua Financial LLC purchased a new position in Park Hotels & Resorts in the 1st quarter worth $108,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on PK. JPMorgan Chase & Co. lifted their price target on Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an "underweight" rating in a research report on Monday, August 10th. 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. Truist Financial lifted their target price on Park Hotels & Resorts from $13.00 to $17.00 and gave the stock a "hold" rating in a report on Thursday, September 10th. LADENBURG THALM/SH SH lifted their target price on Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Finally, Barclays upped their target price on Park Hotels & Resorts from $12.00 to $14.00 and gave the company an "equal weight" rating in a research report on Thursday, August 27th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $15.00.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $15.06 on Friday. The company's fifty day moving average price is $15.11 and its 200 day moving average price is $13.12. Park Hotels & Resorts Inc. has a 1 year low of $9.84 and a 1 year high of $16.20. The company has a market capitalization of $3.03 billion, a PE ratio of -18.14, a price-to-earnings-growth ratio of 1.93 and a beta of 1.33. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The financial services provider reported $0.24 earnings per share for the quarter, meeting analysts' consensus estimates 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 net margin of 6.41% and a negative return on equity of 5.23%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 earnings per share. Park Hotels & Resorts has set its FY 2026 guidance at 1.900-2.000 EPS. On average, research analysts predict that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm 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. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.6%. Park Hotels & Resorts's dividend payout ratio (DPR) is -120.48%.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc NYSE: PK is a lodging real estate investment trust that owns and invests in a portfolio of hotels and resorts across the United States. The company's properties are generally located in prominent business, convention and leisure destinations and operate under well-known hospitality brands, including Hilton, Marriott and Hyatt.

Park Hotels & Resorts generates revenue primarily through the operation of its hotel properties, which provide lodging, food and beverage, meeting and event space, and other guest services.

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