Public Employees Retirement System of Ohio Acquires New Stake in Park Hotels & Resorts Inc. $PK

Public Employees Retirement System of Ohio bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 219,749 shares of the financial services provider’s stock, valued at approximately $3,131,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Park Hotels & Resorts during the 2nd quarter valued at $444,311,000. Donald Smith & CO. Inc. acquired a new stake in shares of Park Hotels & Resorts in the second quarter valued at $207,120,000. Bank of America Corp DE acquired a new stake in shares of Park Hotels & Resorts in the second quarter valued at $136,488,000. Sculptor Capital LP boosted its stake in Park Hotels & Resorts by 154.1% during the second quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock valued at $66,844,000 after buying an additional 3,962,304 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Park Hotels & Resorts by 76.7% during the second quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after buying an additional 3,361,382 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK opened at $15.27 on Friday. The company’s fifty day moving average is $14.94 and its two-hundred day moving average is $12.86. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. Park Hotels & Resorts Inc. has a 12-month low of $9.84 and a 12-month high of $16.20. The company has a market cap of $3.07 billion, a P/E ratio of -18.40, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

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

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 6.5%. Park Hotels & Resorts’s dividend payout ratio is presently -120.48%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $18.00 price target on shares of Park Hotels & Resorts in a research report on Friday, August 14th. Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a “hold” rating in a research report on Thursday, July 23rd. Barclays lifted their price objective on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 27th. LADENBURG THALM/SH SH boosted their target price on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, BMO Capital Markets raised shares of Park Hotels & Resorts from a “market perform” rating to an “outperform” rating and increased their target price for the company from $14.00 to $18.00 in a research note on Tuesday. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $14.42.

About Park Hotels & Resorts

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.