Park Hotels & Resorts Inc (PK) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in shares of Park Hotels & Resorts Inc (NYSE:PK) by 21.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,549,441 shares of the financial services provider’s stock after buying an additional 273,784 shares during the quarter. Principal Financial Group Inc.’s holdings in Park Hotels & Resorts were worth $41,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Park Hotels & Resorts by 2,193.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,784 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 3,619 shares in the last quarter. American International Group Inc. grew its holdings in shares of Park Hotels & Resorts by 170.0% in the fourth quarter. American International Group Inc. now owns 4,773 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 3,005 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Park Hotels & Resorts in the fourth quarter valued at $202,000. Comerica Bank purchased a new position in shares of Park Hotels & Resorts in the first quarter valued at $203,000. Finally, Delpha Capital Management LLC purchased a new position in shares of Park Hotels & Resorts in the fourth quarter valued at $248,000.

In other Park Hotels & Resorts news, EVP Matthew Abram Sparks sold 12,877 shares of Park Hotels & Resorts stock in a transaction on Monday, May 7th. The shares were sold at an average price of $29.87, for a total transaction of $384,635.99. Following the completion of the transaction, the executive vice president now directly owns 46,931 shares of the company’s stock, valued at $1,401,828.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is owned by insiders.

A number of research firms recently weighed in on PK. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $28.00 target price (down from $30.00) on shares of Park Hotels & Resorts in a report on Monday, March 5th. Deutsche Bank raised their target price on shares of Park Hotels & Resorts from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, March 19th. Jefferies Financial Group began coverage on shares of Park Hotels & Resorts in a report on Thursday, May 31st. They issued a “buy” rating and a $37.00 target price for the company. Zacks Investment Research lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, March 23rd. Finally, Goldman Sachs Group lowered shares of Park Hotels & Resorts from a “neutral” rating to a “sell” rating and cut their target price for the company from $32.92 to $31.00 in a report on Sunday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $34.50.

NYSE PK opened at $30.69 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.52. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 2.21 and a beta of 0.37. Park Hotels & Resorts Inc has a 52 week low of $23.91 and a 52 week high of $32.62.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Thursday, May 3rd. The financial services provider reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $668.00 million during the quarter, compared to analyst estimates of $646.90 million. Park Hotels & Resorts had a net margin of 15.31% and a return on equity of 6.57%. Park Hotels & Resorts’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. analysts predict that Park Hotels & Resorts Inc will post 2.8 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 5.60%. The ex-dividend date of this dividend is Thursday, June 28th. Park Hotels & Resorts’s payout ratio is 61.87%.

Park Hotels & Resorts Profile

Park is a leading lodging REIT with a diverse portfolio of hotels and resorts with significant underlying real estate value. Park's portfolio consists of 55 premium-branded hotels and resorts with over 32,000 rooms located in prime United States and international markets with high barriers to entry.

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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