Bank of America Corp DE Takes $26.22 Million Position in United Parks & Resorts Inc. $PRKS

Key Points

• Bank of America acquired a new $26.22 million stake in United Parks & Resorts during the second quarter, purchasing 549,267 shares, or approximately 1.21% of the company. Several other institutional investors also initiated positions.
• United Parks & Resorts reported quarterly EPS of $1.34, below the $1.67 consensus estimate, while revenue of $483.32 million also missed expectations and declined 1.4% year over year.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $46.90 price target; shares recently opened at $32.68 after trading between $28.77 and $55.71 over the past year.

Bank of America Corp DE purchased a new stake in shares of United Parks & Resorts Inc. (NYSE:PRKS - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 549,267 shares of the company's stock, valued at approximately $26,222,000. Bank of America Corp DE owned approximately 1.21% of United Parks & Resorts at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PRKS. Man Group plc purchased a new position in shares of United Parks & Resorts in the second quarter valued at $1,055,000. Jupiter Topco LLC purchased a new stake in shares of United Parks & Resorts in the second quarter worth about $549,000. ABS Investment Management LLC bought a new position in shares of United Parks & Resorts in the second quarter valued at approximately $2,387,000. Legal & General Group Plc bought a new position in shares of United Parks & Resorts in the second quarter valued at approximately $2,436,000. Finally, The Manufacturers Life Insurance Company purchased a new position in United Parks & Resorts during the second quarter valued at approximately $584,000.

United Parks & Resorts Price Performance

Shares of NYSE PRKS opened at $32.68 on Thursday. United Parks & Resorts Inc. has a one year low of $28.77 and a one year high of $55.71. The firm's 50 day simple moving average is $42.22 and its two-hundred day simple moving average is $39.84. The stock has a market capitalization of $1.48 billion, a P/E ratio of 12.87, a PEG ratio of 3.16 and a beta of 1.14.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $1.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.67 by ($0.33). United Parks & Resorts had a net margin of 8.11% and a negative return on equity of 27.85%. The business had revenue of $483.32 million during the quarter, compared to analysts' expectations of $492.10 million. During the same period last year, the company posted $1.45 EPS. United Parks & Resorts's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities analysts expect that United Parks & Resorts Inc. will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling at United Parks & Resorts

In other United Parks & Resorts news, insider Christopher Finazzo sold 6,622 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $44.20, for a total transaction of $292,692.40. Following the completion of the sale, the insider directly owned 123,663 shares in the company, valued at $5,465,904.60. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Forrester, Jr. sold 1,150 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $35.71, for a total value of $41,066.50. Following the transaction, the insider directly owned 26,733 shares in the company, valued at $954,635.43. This trade represents a 4.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PRKS shares. Northcoast Research assumed coverage on shares of United Parks & Resorts in a report on Wednesday, July 8th. They set a "neutral" rating on the stock. Guggenheim raised their price target on shares of United Parks & Resorts from $51.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Citigroup upped their price target on shares of United Parks & Resorts from $46.00 to $49.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Zacks Research downgraded United Parks & Resorts from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. lifted their price objective on United Parks & Resorts from $39.00 to $44.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $46.90.

United Parks & Resorts Company Profile

United Parks & Resorts Inc NYSE: PRKS is a U.S.-based theme park and entertainment company that owns and operates a portfolio of parks featuring thrill rides, water attractions, live entertainment, animal exhibits and educational experiences. Its brands include SeaWorld, Busch Gardens, Discovery Cove, Sesame Place, Aquatica, Adventure Island and Water Country USA.

The company operates parks in Florida, Texas, Virginia, California and Pennsylvania. Its properties include SeaWorld parks in Orlando, San Antonio and San Diego; Busch Gardens parks in Tampa and Williamsburg, Virginia; Discovery Cove in Orlando; Sesame Place parks in Pennsylvania and California; Aquatica water parks in Orlando and San Antonio; Adventure Island in Tampa; and Water Country USA in Williamsburg.

United Parks & Resorts traces its history to SeaWorld Entertainment, which became a publicly traded company in 2013.

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