Hotchkis & Wiley Capital Management LLC Purchases 73,540 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Park Hotels & Resorts by 8.4%, acquiring an additional 73,540 shares during the first quarter, bringing their total ownership to approximately 0.48% valued at $10.17 million.
• Park Hotels & Resorts declared a quarterly dividend of $0.25 per share, with a resulting annualized yield of 8.4%.
• Several analysts have issued ratings and price targets for Park Hotels, with Bank of America setting a new target of $11.00 and others providing varying ratings such as "underperform" and "hold."

Hotchkis & Wiley Capital Management LLC increased its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 8.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 952,400 shares of the financial services provider's stock after purchasing an additional 73,540 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.48% of Park Hotels & Resorts worth $10,172,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PK. Spire Wealth Management raised its holdings in Park Hotels & Resorts by 47.1% in the first quarter. Spire Wealth Management now owns 7,625 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,440 shares in the last quarter. Northern Trust Corp grew its position in shares of Park Hotels & Resorts by 38.9% in the 4th quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock worth $38,585,000 after buying an additional 767,818 shares during the period. M&T Bank Corp grew its position in shares of Park Hotels & Resorts by 54.8% in the 1st quarter. M&T Bank Corp now owns 75,070 shares of the financial services provider's stock worth $801,000 after buying an additional 26,586 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Park Hotels & Resorts by 34.4% in the 1st quarter. Teacher Retirement System of Texas now owns 30,199 shares of the financial services provider's stock worth $323,000 after acquiring an additional 7,724 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Park Hotels & Resorts by 35.2% in the 1st quarter. Boston Partners now owns 71,343 shares of the financial services provider's stock worth $762,000 after acquiring an additional 18,566 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PK has been the topic of several research reports. Bank of America lowered shares of Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective on the stock. in a research note on Wednesday, April 30th. JPMorgan Chase & Co. assumed coverage on Park Hotels & Resorts in a research report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target on the stock. Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.11.

Park Hotels & Resorts Trading Up 6.0%

Shares of NYSE PK opened at $11.8350 on Monday. The firm's 50 day moving average price is $10.75 and its 200-day moving average price is $10.85. Park Hotels & Resorts Inc. has a 52-week low of $8.27 and a 52-week high of $16.23. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market cap of $2.37 billion, a PE ratio of 43.83 and a beta of 1.80.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The company had revenue of $672.00 million during the quarter, compared to analyst estimates of $672.37 million. During the same period in the previous year, the business earned $0.65 EPS. The firm's revenue for the quarter was down 2.0% on a year-over-year basis. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio is presently 370.37%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.

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