Jupiter Topco LLC Acquires Shares of 296,726 Park Hotels & Resorts Inc. $PK

Key Points

• Jupiter Topco LLC acquired 296,726 shares of Park Hotels & Resorts in the second quarter, valued at approximately $4.23 million and representing about 0.15% of the company. Institutional investors collectively own 92.69% of PK.
• Analysts have a consensus “Hold” rating on the stock, with an average price target of $14.42. Recent target increases ranged from $11.00 to $15.00.
• Park Hotels & Resorts reported quarterly EPS of $0.24, in line with estimates, while revenue of $680 million exceeded expectations. The company declared a quarterly dividend of $0.25, equivalent to a 6.6% annualized yield.

Jupiter Topco LLC bought a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 296,726 shares of the financial services provider's stock, valued at approximately $4,230,000. Jupiter Topco LLC owned approximately 0.15% of Park Hotels & Resorts at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PK. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at $25,000. Danske Bank A S purchased a new position in Park Hotels & Resorts in the 3rd quarter worth about $25,000. Fifth Third Bancorp lifted its holdings 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 buying 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 about $34,000. Finally, Allworth Financial LP purchased a new stake in Park Hotels & Resorts in the 2nd quarter valued at about $73,000. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PK. Morgan Stanley boosted their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their target price 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. Weiss Ratings raised shares of Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Cantor Fitzgerald upped their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Finally, Truist Financial raised their price target on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a "hold" rating in a report on Tuesday, May 26th. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and an average price target of $14.42.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $15.23 on Wednesday. The company has a market cap of $3.07 billion, a P/E ratio of -18.35, a P/E/G ratio of 1.99 and a beta of 1.33. Park Hotels & Resorts Inc. has a twelve month low of $9.84 and a twelve month high of $16.20. The company's 50-day moving average price is $14.89 and its 200-day moving average price is $12.79. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting analysts' consensus estimates of $0.24. The firm had revenue of $680.00 million during the quarter, compared to analysts' expectations of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.6%. Park Hotels & Resorts's dividend payout ratio 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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