Donald Smith & CO. Inc. Buys 1,728,921 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Donald Smith & CO. Inc. grew its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 36.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,529,666 shares of the financial services provider's stock after purchasing an additional 1,728,921 shares during the period. Park Hotels & Resorts comprises approximately 2.6% of Donald Smith & CO. Inc.'s portfolio, making the stock its 12th biggest position. Donald Smith & CO. Inc. owned about 3.11% of Park Hotels & Resorts worth $99,904,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Park Hotels & Resorts by 3,694.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,355,522 shares of the financial services provider's stock valued at $20,739,000 after purchasing an additional 1,319,800 shares during the last quarter. abrdn plc lifted its position in shares of Park Hotels & Resorts by 1,893.0% during the 4th quarter. abrdn plc now owns 915,866 shares of the financial services provider's stock worth $14,013,000 after buying an additional 869,913 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Park Hotels & Resorts by 200.0% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the financial services provider's stock worth $11,088,000 after buying an additional 600,000 shares during the last quarter. UBS Group AG boosted its stake in shares of Park Hotels & Resorts by 548.2% in the 3rd quarter. UBS Group AG now owns 552,839 shares of the financial services provider's stock worth $6,811,000 after buying an additional 467,554 shares during the last quarter. Finally, LSV Asset Management bought a new position in shares of Park Hotels & Resorts in the third quarter valued at approximately $5,178,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Performance

PK stock traded up $0.12 during midday trading on Monday, reaching $16.69. 3,393,541 shares of the company's stock traded hands, compared to its average volume of 2,764,352. The firm has a market capitalization of $3.51 billion, a PE ratio of 36.28, a price-to-earnings-growth ratio of 0.85 and a beta of 2.03. The company has a 50-day moving average price of $16.95 and a two-hundred day moving average price of $15.49. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.30 and a current ratio of 1.30.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.39. The company had revenue of $657.00 million during the quarter, compared to analysts' expectations of $665.16 million. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. As a group, equities analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.99%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts's payout ratio is 217.39%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PK. Barclays upped their price objective on Park Hotels & Resorts from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Friday, March 1st. UBS Group raised their price objective on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, March 6th. Wells Fargo & Company boosted their target price on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, March 21st. Citigroup upgraded shares of Park Hotels & Resorts from a "neutral" rating to a "buy" rating and raised their price target for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. Finally, StockNews.com downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of "Hold" and a consensus target price of $17.58.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.