Legal & General Group Plc Takes Position in Park Hotels & Resorts Inc. $PK

Key Points

• Legal & General Group Plc acquired 1.19 million shares of Park Hotels & Resorts in the second quarter, worth approximately $16.9 million and representing 0.59% of the company. Institutional investors collectively own 92.69% of PK.
• Analysts maintain a largely cautious outlook, with a consensus “Hold” rating and an average price target of $14.08, despite several firms raising their targets.
• Park Hotels & Resorts reported quarterly revenue of $680 million and EPS of $0.24, while declaring a quarterly dividend of $0.25 per share—an annualized yield of approximately 6.3%.

Legal & General Group Plc bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,185,738 shares of the financial services provider's stock, valued at approximately $16,897,000. Legal & General Group Plc owned 0.59% of Park Hotels & Resorts at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PK. BlackRock Inc. purchased a new stake in Park Hotels & Resorts during the 2nd quarter valued at about $444,311,000. Donald Smith & CO. Inc. purchased a new position in shares of Park Hotels & Resorts in the second quarter worth about $207,120,000. Sculptor Capital LP raised its stake in shares of Park Hotels & Resorts by 154.1% in the second quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider's stock worth $66,844,000 after purchasing an additional 3,962,304 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Park Hotels & Resorts by 76.7% during the second quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider's stock worth $79,230,000 after purchasing an additional 3,361,382 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Park Hotels & Resorts by 34.6% during the second quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider's stock worth $131,666,000 after purchasing an additional 3,309,275 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

PK has been the topic of several research reports. JPMorgan Chase & Co. increased their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an "underweight" rating in a report on Monday, August 10th. LADENBURG THALM/SH SH upped their price objective on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday, August 14th. 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 report on Tuesday, August 11th. Finally, Truist Financial increased their price target on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a "hold" rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $14.08.

Park Hotels & Resorts Trading Up 0.1%

Shares of NYSE:PK opened at $15.84 on Monday. 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 Inc. has a 12-month low of $9.84 and a 12-month high of $16.20. The business has a 50 day moving average of $14.86 and a two-hundred day moving average of $12.74. The company has a market capitalization of $3.19 billion, a PE ratio of -19.08, a PEG ratio of 2.06 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting analysts' consensus estimates of $0.24. The business had revenue of $680.00 million for 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 business's revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.64 EPS. As a group, analysts forecast that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently declared 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. This represents a $1.00 annualized dividend and a yield of 6.3%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is currently -120.48%.

Park Hotels & Resorts Company 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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