Corient Private Wealth LP Acquires New Stake in Park Hotels & Resorts Inc. $PK

Key Points

• Corient Private Wealth acquired 480,261 shares of Park Hotels & Resorts, valued at approximately $6.84 million, giving it a 0.24% stake. Institutional investors collectively own 92.69% of the company.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a consensus price target of $14.08, despite individual target increases ranging from $14 to $20.
• Park Hotels & Resorts reported quarterly revenue of $680 million and adjusted earnings of $0.24 per share, while announcing a $0.25 quarterly dividend, equivalent to a 6.3% annualized yield.

Corient Private Wealth LP bought a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 480,261 shares of the financial services provider's stock, valued at approximately $6,844,000. Corient Private Wealth LP owned 0.24% of Park Hotels & Resorts at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PK. Amundi boosted its stake in shares of Park Hotels & Resorts by 1.9% in the first quarter. Amundi now owns 115,143 shares of the financial services provider's stock valued at $1,119,000 after purchasing an additional 2,179 shares during the period. Millennium Management LLC lifted its holdings in Park Hotels & Resorts by 849.3% during the 1st quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider's stock worth $5,595,000 after buying an additional 468,668 shares in the last quarter. United Services Automobile Association purchased a new position in Park Hotels & Resorts in the 1st quarter valued at approximately $152,000. Empowered Funds LLC grew its stake in shares of 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 worth $239,000 after acquiring an additional 2,058 shares in the last quarter. Finally, Focus Partners Wealth increased its position in shares of 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 worth $199,000 after acquiring an additional 4,374 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on PK. Weiss Ratings upgraded Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Barclays lifted their price objective on Park Hotels & Resorts from $12.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $18.00 target price on shares of Park Hotels & Resorts in a research note on Friday, August 14th. JPMorgan Chase & Co. lifted 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 note on Monday, August 10th. Finally, LADENBURG THALM/SH SH increased their price objective on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $14.08.

Park Hotels & Resorts Trading Up 0.1%

PK opened at $15.84 on Monday. 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 Inc. has a one year low of $9.84 and a one year high of $16.20. The company has a market cap of $3.19 billion, a P/E ratio of -19.08, a PEG ratio of 2.06 and a beta of 1.34. The business's 50-day simple moving average is $14.86 and its 200-day simple moving average is $12.74.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.24. The firm 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%.The firm's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 earnings per share. As a group, equities research analysts expect that Park Hotels & Resorts Inc. will post 1.83 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. Park Hotels & Resorts's dividend payout ratio is presently -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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