Resona Asset Management Co. Ltd. Acquires 6,901 Shares of Park Hotels & Resorts Inc. $PK

Resona Asset Management Co. Ltd. grew its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 8.3% during the 1st quarter, Holdings Channel reports. The fund owned 89,629 shares of the financial services provider’s stock after buying an additional 6,901 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Park Hotels & Resorts were worth $975,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PK. Spire Wealth Management grew its position in shares of Park Hotels & Resorts by 47.1% during the first quarter. Spire Wealth Management now owns 7,625 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 2,440 shares in the last quarter. Northern Trust Corp lifted its position in shares of Park Hotels & Resorts by 38.9% in the fourth quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider’s stock worth $38,585,000 after buying an additional 767,818 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Park Hotels & Resorts by 34.4% during the 1st quarter. Teacher Retirement System of Texas now owns 30,199 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 7,724 shares during the last quarter. M&T Bank Corp raised its stake in Park Hotels & Resorts by 54.8% during the first quarter. M&T Bank Corp now owns 75,070 shares of the financial services provider’s stock valued at $801,000 after purchasing an additional 26,586 shares in the last quarter. Finally, Barclays PLC raised its stake in Park Hotels & Resorts by 11.0% during the fourth quarter. Barclays PLC now owns 354,693 shares of the financial services provider’s stock valued at $4,992,000 after purchasing an additional 35,100 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PK shares. JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a research report on Monday, June 23rd. They issued an “underweight” rating and a $10.00 price target for the company. Citigroup reissued a “buy” rating on shares of Park Hotels & Resorts in a research report on Thursday, May 22nd. Evercore ISI cut shares of Park Hotels & Resorts from an “outperform” rating to an “in-line” rating and set a $13.00 price target for the company. in a research note on Friday, May 16th. Wall Street Zen lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. Finally, Truist Financial cut Park Hotels & Resorts from a “buy” rating to a “hold” rating and dropped their price objective for the company from $16.00 to $11.00 in a report on Friday, May 30th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and an average target price of $12.11.

Park Hotels & Resorts Price Performance

NYSE PK opened at $10.91 on Monday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market cap of $2.18 billion, a PE ratio of 40.41 and a beta of 1.80. Park Hotels & Resorts Inc. has a 52-week low of $8.27 and a 52-week high of $16.23. The firm’s 50 day moving average price is $10.66 and its 200-day moving average price is $10.91.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The business had revenue of $672.00 million for the quarter, compared to analyst estimates of $672.37 million. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. Sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 9.2%. Park Hotels & Resorts’s payout ratio is presently 370.37%.

Park Hotels & Resorts Company 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.