The Manufacturers Life Insurance Company Purchases Shares of 192,811 Park Hotels & Resorts Inc. $PK

The Manufacturers Life Insurance Company acquired a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, Holdings Channel reports. The fund acquired 192,811 shares of the financial services provider’s stock, valued at approximately $2,748,000.

Several other institutional investors also recently modified their holdings of PK. Global Retirement Partners LLC purchased a new stake in Park Hotels & Resorts in the second quarter valued at approximately $25,000. Danske Bank A S purchased a new position in Park Hotels & Resorts in the 3rd quarter worth approximately $25,000. Fifth Third Bancorp increased its holdings in shares of Park Hotels & Resorts by 68.8% in the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,061 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Park Hotels & Resorts during the 3rd quarter valued at $34,000. Finally, North Star Investment Management Corp. raised its position in shares of Park Hotels & Resorts by 263.2% during the 1st quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock valued at $65,000 after buying an additional 4,500 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Price Performance

PK stock opened at $15.23 on Wednesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $16.20. The firm’s fifty day moving average is $14.89 and its 200 day moving average is $12.79. The firm has a market cap of $3.07 billion, a P/E ratio of -18.35, a P/E/G ratio of 1.99 and a beta of 1.33.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business had revenue of $680.00 million during the quarter, compared to the consensus estimate of $659.68 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts predict that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s payout ratio is -120.48%.

Wall Street Analyst Weigh In

PK has been the subject of several research reports. JPMorgan Chase & Co. upped their target price on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. LADENBURG THALM/SH SH raised their price target on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Morgan Stanley upped their price objective on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, BMO Capital Markets upgraded Park Hotels & Resorts from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $14.00 to $18.00 in a research report on Tuesday. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.42.

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.