Cibc World Market Inc. Makes New Investment in Park Hotels & Resorts Inc. $PK

Key Points

• CIBC World Markets acquired 72,723 shares of Park Hotels & Resorts in the second quarter, valued at approximately $1.04 million. Institutional investors collectively own 92.69% of the company.
• Park Hotels & Resorts reported quarterly revenue of $680 million and adjusted earnings of $0.24 per share, matching analyst expectations for EPS while exceeding revenue estimates. Revenue increased 1.2% year over year.
• The company declared a quarterly dividend of $0.25 per share, equating to an annualized dividend of $1.00 and a 6.4% yield. Analysts maintain a consensus “Hold” rating with a $14.08 price target, below the stock’s reported $15.73 price.

Cibc World Market Inc. bought a new position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 72,723 shares of the financial services provider's stock, valued at approximately $1,036,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Amundi lifted its position in shares of Park Hotels & Resorts by 1.9% during the first quarter. Amundi now owns 115,143 shares of the financial services provider's stock worth $1,119,000 after purchasing an additional 2,179 shares during the last quarter. Millennium Management LLC grew its stake in Park Hotels & Resorts by 849.3% in the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider's stock worth $5,595,000 after purchasing an additional 468,668 shares in the last quarter. United Services Automobile Association bought a new stake in Park Hotels & Resorts in the first quarter valued at about $152,000. Empowered Funds LLC increased its holdings in Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider's stock valued at $239,000 after buying an additional 2,058 shares during the last quarter. Finally, Focus Partners Wealth raised its stake in Park Hotels & Resorts by 30.6% during the first quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider's stock valued at $199,000 after buying an additional 4,374 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $15.73 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The firm's 50-day moving average price is $14.84 and its two-hundred day moving average price is $12.71. Park Hotels & Resorts Inc. has a 52-week low of $9.84 and a 52-week high of $16.20. The stock has a market capitalization of $3.17 billion, a P/E ratio of -18.95, a P/E/G ratio of 2.09 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, meeting analysts' consensus estimates of $0.24. The company had revenue of $680.00 million during the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.Park Hotels & Resorts's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.8 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 yield of 6.4%. Park Hotels & Resorts's payout ratio is currently -120.48%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PK. LADENBURG THALM/SH SH increased 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. Morgan Stanley boosted their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $18.00 price target on shares of Park Hotels & Resorts in a research report on Friday, August 14th. Barclays raised their price objective on Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $14.00 price objective on shares of Park Hotels & Resorts in a report on Friday, June 12th. Two equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $14.08.

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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