Northwestern Mutual Wealth Management Co. Purchases 84,544 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Northwestern Mutual Wealth Management increased its Park Hotels & Resorts stake by 227.7% in the second quarter, adding 84,544 shares for a total holding of 121,666 shares valued at approximately $1.7 million. Institutional investors collectively own 92.69% of PK.
• Park Hotels & Resorts reported quarterly EPS of $0.24, in line with estimates, while revenue of $680 million exceeded forecasts and rose 1.2% year over year. The stock was recently trading at $15.27, near its 12-month high of $16.20.
• The company declared a quarterly dividend of $0.25, equivalent to a 6.5% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $14.42.

Northwestern Mutual Wealth Management Co. lifted its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 227.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 121,666 shares of the financial services provider's stock after purchasing an additional 84,544 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 0.06% of Park Hotels & Resorts worth $1,734,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PK. Global Retirement Partners LLC bought a new position in Park Hotels & Resorts during the second quarter valued at $25,000. Danske Bank A S bought a new stake in shares of Park Hotels & Resorts in the 3rd quarter worth about $25,000. Fifth Third Bancorp raised its position in shares of 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 purchased a new stake in shares of Park Hotels & Resorts during the 3rd quarter valued at about $34,000. Finally, Allworth Financial LP bought a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at about $73,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Up 1.3%

NYSE:PK opened at $15.27 on Friday. The company has a market cap of $3.07 billion, a price-to-earnings ratio of -18.40, a price-to-earnings-growth ratio of 1.96 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 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 $14.94 and a 200-day simple moving average of $12.86.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting analysts' consensus estimates of $0.24. The company had revenue of $680.00 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS. Analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.5%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts's dividend payout ratio is currently -120.48%.

Analyst Upgrades and Downgrades

PK has been the topic of several analyst reports. Barclays boosted their price objective on Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 27th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday, August 14th. Wells Fargo & Company raised Park Hotels & Resorts to a "hold" rating in a research report on Thursday, July 23rd. Truist Financial increased their price target on Park Hotels & Resorts from $12.00 to $13.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Finally, Morgan Stanley raised their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Three research 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. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and an average price target of $14.42.

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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