Hsbc Holdings PLC Acquires Shares of 377,014 Park Hotels & Resorts Inc. $PK

Key Points

• Hsbc Holdings PLC acquired 377,014 shares of Park Hotels & Resorts during the second quarter, valued at approximately $5.37 million and representing about 0.19% of the company. Institutional investors collectively own 92.69% of the stock.
• Analysts maintain a generally cautious outlook, with two Buy ratings, eleven Holds, and one Sell; the consensus rating is Hold with a price target of $14.08.
• Park Hotels & Resorts reported quarterly revenue of $680 million and adjusted earnings in line with estimates at $0.24 per share. The company declared a $0.25 quarterly dividend, equivalent to a 6.3% annualized yield.

Hsbc Holdings PLC bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 377,014 shares of the financial services provider's stock, valued at approximately $5,372,000. Hsbc Holdings PLC owned approximately 0.19% of Park Hotels & Resorts as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at approximately $25,000. Danske Bank A S bought a new stake in Park Hotels & Resorts during the third quarter worth $25,000. Fifth Third Bancorp lifted its holdings in Park Hotels & Resorts by 68.8% during the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider's stock worth $27,000 after acquiring an additional 1,061 shares during the period. Advisory Services Network LLC purchased a new position in Park Hotels & Resorts in the third quarter worth $34,000. Finally, Allworth Financial LP purchased a new position in Park Hotels & Resorts in the second quarter worth $73,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PK shares. JPMorgan Chase & Co. raised their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an "underweight" rating in a research report on Monday, August 10th. Barclays boosted their price target on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an "equal weight" rating in a report on Thursday. Morgan Stanley increased their price target on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, July 17th. Weiss Ratings upgraded shares of Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $14.00 price objective on shares of Park Hotels & Resorts in a research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $14.08.

Park Hotels & Resorts Price Performance

Shares of NYSE PK opened at $15.84 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29. The stock has a fifty day simple moving average of $14.86 and a two-hundred day simple moving average of $12.73. Park Hotels & Resorts Inc. has a 1-year low of $9.84 and a 1-year high of $16.20. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -19.08, a price-to-earnings-growth ratio of 2.04 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 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $680.00 million for the quarter, compared to analyst estimates of $659.68 million. During the same period in the previous year, the company posted $0.64 earnings per share. The business's revenue was up 1.2% on a year-over-year basis. Analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

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