NewEdge Advisors LLC Invests $430,000 in Park Hotels & Resorts Inc. $PK

NewEdge Advisors LLC acquired a new stake in Park Hotels & Resorts Inc. (NYSE:PK) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 40,836 shares of the financial services provider’s stock, valued at approximately $430,000.

Other large investors have also added to or reduced their stakes in the company. Amundi grew its holdings in Park Hotels & Resorts by 1.9% during the 1st quarter. Amundi now owns 115,143 shares of the financial services provider’s stock worth $1,119,000 after acquiring an additional 2,179 shares during the last quarter. Millennium Management LLC raised its stake in shares of Park Hotels & Resorts by 849.3% during the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock valued at $5,595,000 after acquiring an additional 468,668 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Park Hotels & Resorts during the first quarter worth $152,000. Empowered Funds LLC grew its stake in shares of Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 2,058 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in shares of Park Hotels & Resorts by 30.6% in the first quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 4,374 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on PK shares. Wells Fargo & Company raised Park Hotels & Resorts to a “hold” rating in a research report on Thursday, July 23rd. Morgan Stanley increased their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, May 20th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $14.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Finally, Barclays upped their target price on Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $13.18.

Park Hotels & Resorts Stock Up 0.4%

Shares of NYSE:PK opened at $15.12 on Tuesday. The business’s 50 day simple moving average is $14.27 and its two-hundred day simple moving average is $12.20. The firm has a market cap of $3.05 billion, a P/E ratio of -13.88, a PEG ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.25 and a current ratio of 1.25. Park Hotels & Resorts Inc. has a 52-week low of $9.84 and a 52-week high of $15.48.

Park Hotels & Resorts Profile

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.