Bank of New York Mellon Corp Makes New $21.29 Million Investment in Park Hotels & Resorts Inc. $PK

Key Points

• Bank of New York Mellon acquired 1.49 million shares of Park Hotels & Resorts worth approximately $21.29 million, giving it a 0.74% stake. Institutional investors collectively own 92.69% of PK.
• Analysts maintain a generally neutral outlook, with an average rating of “Hold” and an average price target of $14.08; Deutsche Bank is the notable exception with a $18.00 buy target.
• Park Hotels & Resorts met quarterly earnings expectations at $0.24 per share and exceeded revenue estimates, while declaring a $0.25 quarterly dividend equivalent to a 6.3% annual yield.

Bank of New York Mellon Corp purchased a new position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,494,235 shares of the financial services provider's stock, valued at approximately $21,293,000. Bank of New York Mellon Corp owned about 0.74% of Park Hotels & Resorts as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PK. State of Wyoming acquired a new position in shares of Park Hotels & Resorts during the 2nd quarter worth about $1,172,000. Gradient Investments LLC increased its stake in Park Hotels & Resorts by 11.3% in the second quarter. Gradient Investments LLC now owns 246,702 shares of the financial services provider's stock valued at $3,516,000 after purchasing an additional 24,982 shares in the last quarter. Chapin Davis Inc. raised its holdings in Park Hotels & Resorts by 12.3% in the second quarter. Chapin Davis Inc. now owns 13,200 shares of the financial services provider's stock worth $188,000 after purchasing an additional 1,450 shares during the period. Post Resch Tallon Group Inc. raised its holdings in Park Hotels & Resorts by 24.0% in the second quarter. Post Resch Tallon Group Inc. now owns 34,318 shares of the financial services provider's stock worth $489,000 after purchasing an additional 6,648 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Park Hotels & Resorts by 17.2% during the second quarter. GAMMA Investing LLC now owns 14,045 shares of the financial services provider's stock worth $200,000 after purchasing an additional 2,064 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PK has been the subject of a number of research reports. Barclays increased their target price on Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Thursday. JPMorgan Chase & Co. upped their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an "underweight" rating in a research report on Monday, August 10th. BMO Capital Markets restated a "market perform" rating and issued a $14.00 price target on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Wells Fargo & Company raised Park Hotels & Resorts to a "hold" rating in a research report on Thursday, July 23rd. Finally, 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. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.08.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $15.84 on Monday. The firm has a market capitalization of $3.19 billion, a P/E ratio of -19.08, a P/E/G ratio of 2.06 and a beta of 1.34. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20. 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 moving average price is $14.86 and its two-hundred day moving average price is $12.74.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $680.00 million for the quarter, compared to analysts' expectations 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 business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 earnings per share. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts's payout ratio is currently -120.48%.

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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