VIRGINIA RETIREMENT SYSTEMS ET Al Purchases 102,500 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Virginia Retirement Systems increased its Park Hotels & Resorts stake by 788.5%, buying 102,500 shares in the third quarter to hold 115,500 shares valued at about $1.78 million.
• Analysts’ consensus rating is Hold, with an average price target of $16.64; recent target changes ranged from $14 to $18.
• Park reported quarterly EPS of $0.24, in line with estimates, while revenue of $680 million exceeded consensus and rose 1.2% year over year.

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 788.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,500 shares of the financial services provider's stock after acquiring an additional 102,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.06% of Park Hotels & Resorts worth $1,781,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PK. Global Retirement Partners LLC bought a new stake in shares of Park Hotels & Resorts in the 2nd quarter worth $25,000. Fifth Third Bancorp raised its stake in shares of Park Hotels & Resorts by 68.8% in the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider's stock worth $27,000 after purchasing an additional 1,061 shares during the last quarter. Nykredit A S purchased a new position in shares of Park Hotels & Resorts in the second quarter worth $67,000. IFP Advisors Inc raised its stake in shares of Park Hotels & Resorts by 182.5% in the second quarter. IFP Advisors Inc now owns 5,065 shares of the financial services provider's stock worth $72,000 after purchasing an additional 3,272 shares during the last quarter. Finally, Allworth Financial LP bought a new position in shares of Park Hotels & Resorts during the second quarter valued at $73,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PK shares. Wells Fargo & Company increased their price objective on Park Hotels & Resorts from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Monday, October 26th. BMO Capital Markets raised Park Hotels & Resorts from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $14.00 to $18.00 in a research report on Tuesday, September 1st. Barclays upped their target price on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, August 27th. Truist Financial raised their price target on shares of Park Hotels & Resorts from $13.00 to $17.00 and gave the company a "hold" rating in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Park Hotels & Resorts from $14.00 to $16.00 and gave the stock an "underweight" rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Park Hotels & Resorts has an average rating of "Hold" and a consensus target price of $16.64.

Park Hotels & Resorts Price Performance

Shares of PK opened at $16.73 on Wednesday. The firm has a fifty day simple moving average of $15.67 and a two-hundred day simple moving average of $13.29. The firm has a market cap of $3.37 billion, a PE ratio of 8.38 and a beta of 1.41. 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 1-year low of $9.84 and a 1-year high of $17.14.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 the consensus estimate of $659.68 million. During the same period last year, the business posted $0.64 EPS. The company's revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts anticipate that Park Hotels & Resorts Inc. will post 1.87 EPS for the current year.

About Park Hotels & Resorts

Park Hotels & Resorts Inc NYSE: PK is a real estate investment trust focused on owning and operating hotels and resorts. The company's portfolio includes full-service properties in major business and leisure destinations, with hotels operating under Hilton brands as well as other nationally recognized and independent brands.

Park's properties provide lodging, food and beverage, meeting and event facilities, and other hospitality services. Its hotels are located primarily in the United States, including gateway cities, convention markets, and resort destinations.

Park Hotels & Resorts was formed in 2017 through a spin-off from Hilton Worldwide Holdings.

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