Raymond James Financial Inc. Makes New $873,000 Investment in Park Hotels & Resorts Inc. (NYSE:PK)

Raymond James Financial Inc. bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 62,068 shares of the financial services provider's stock, valued at approximately $873,000.

Several other hedge funds have also recently bought and sold shares of the stock. Quadrant Capital Group LLC raised its holdings in shares of Park Hotels & Resorts by 38.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 1,335 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Park Hotels & Resorts by 42.2% in the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider's stock valued at $112,000 after purchasing an additional 2,373 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at approximately $112,000. KBC Group NV increased its holdings in Park Hotels & Resorts by 36.2% during the fourth quarter. KBC Group NV now owns 10,023 shares of the financial services provider's stock worth $141,000 after buying an additional 2,663 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Park Hotels & Resorts during the fourth quarter worth $141,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PK has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. Morgan Stanley reduced their price objective on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Thursday, April 10th. Finally, Bank of America cut shares of Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective for the company. in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and a consensus price target of $14.60.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock traded down $0.04 during trading hours on Friday, hitting $10.37. 3,490,456 shares of the company's stock traded hands, compared to its average volume of 3,369,998. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.58. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.51 and a beta of 1.75. The company has a fifty day simple moving average of $10.48 and a 200-day simple moving average of $12.83. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. The firm had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. During the same period last year, the firm posted $0.52 EPS. The business's revenue was down 1.4% compared to the same quarter last year. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.64%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 169.49%.

Park Hotels & Resorts Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.