BlackRock Inc. Purchases New Shares in Park Hotels & Resorts Inc. $PK

BlackRock Inc. acquired a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 31,179,743 shares of the financial services provider's stock, valued at approximately $444,311,000. BlackRock Inc. owned 15.48% of Park Hotels & Resorts at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in shares of Park Hotels & Resorts during the second quarter valued at about $25,000. Danske Bank A S purchased a new stake in Park Hotels & Resorts in the third quarter worth about $25,000. Fifth Third Bancorp boosted its position in Park Hotels & Resorts by 68.8% during 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 in the last quarter. Advisory Services Network LLC bought a new stake in Park Hotels & Resorts during the 3rd quarter valued at approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted 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 acquiring an additional 1,464 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company upgraded Park Hotels & Resorts to a "hold" rating in a research note on Thursday, July 23rd. Morgan Stanley increased their price objective on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a report on Friday, July 17th. Barclays boosted their target price on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an "equal weight" rating in a report on Monday, June 1st. BMO Capital Markets reiterated 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. Finally, JPMorgan Chase & Co. lifted their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the company an "underweight" rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.92.

Park Hotels & Resorts Stock Up 0.6%

PK stock opened at $15.87 on Tuesday. The business has a 50 day moving average of $14.76 and a 200 day moving average of $12.61. The firm has a market cap of $3.20 billion, a PE ratio of -19.12, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34. Park Hotels & Resorts Inc. has a twelve month low of $9.84 and a twelve month high of $15.99. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The business had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. During the same period in the previous year, the company posted $0.64 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. On average, research analysts forecast that Park Hotels & Resorts Inc. will post 1.79 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

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

Park Hotels & Resorts 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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