The Manufacturers Life Insurance Company Purchases New Holdings in Park Hotels & Resorts Inc. $PK

Key Points

• The Manufacturers Life Insurance Company purchased 192,811 shares of Park Hotels & Resorts, valued at approximately $2.75 million. Institutional investors collectively own 92.69% of the company.
• Park Hotels & Resorts reported quarterly EPS of $0.24, matching estimates, while revenue of $680 million exceeded forecasts and increased 1.2% year over year.
• The company declared a quarterly dividend of $0.25 per share, representing a 6.6% annualized yield. Analysts maintain a consensus “Hold” rating, with an average price target of $14.42.

The Manufacturers Life Insurance Company purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 192,811 shares of the financial services provider's stock, valued at approximately $2,748,000. The Manufacturers Life Insurance Company owned approximately 0.10% of Park Hotels & Resorts as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Amundi lifted its position in shares of Park Hotels & Resorts by 1.9% in the 1st quarter. Amundi now owns 115,143 shares of the financial services provider's stock worth $1,119,000 after purchasing an additional 2,179 shares during the period. Millennium Management LLC grew its holdings in Park Hotels & Resorts by 849.3% during the 1st quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider's stock worth $5,595,000 after acquiring an additional 468,668 shares during the period. United Services Automobile Association acquired a new stake in Park Hotels & Resorts during the 1st quarter worth about $152,000. Empowered Funds LLC grew its holdings in Park Hotels & Resorts by 10.1% during the 1st quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider's stock worth $239,000 after acquiring an additional 2,058 shares during the period. Finally, Focus Partners Wealth raised its position in shares of Park Hotels & Resorts by 30.6% in the 1st quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider's stock worth $199,000 after acquiring an additional 4,374 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Stock Down 0.5%

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

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, hitting the consensus estimate 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 return on equity of 5.23% and a negative net margin of 6.41%.The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. On average, equities research analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts's dividend payout ratio is presently -120.48%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PK shares. Weiss Ratings upgraded Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. upped their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an "underweight" rating in a report on Monday, August 10th. LADENBURG THALM/SH SH upped their price objective on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. 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, August 27th. Finally, BMO Capital Markets upgraded shares of Park Hotels & Resorts from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $14.00 to $18.00 in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently 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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