Pallas Capital Advisors LLC Makes New $647,000 Investment in Park Hotels & Resorts Inc. $PK

Pallas Capital Advisors LLC purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 45,427 shares of the financial services provider’s stock, valued at approximately $647,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Deutsche Bank AG acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter worth $5,851,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Park Hotels & Resorts during the second quarter worth $2,487,000. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at $25,000. Bank of New York Mellon Corp purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at $21,293,000. Finally, State of Wyoming acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at $1,172,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PK. Cantor Fitzgerald lifted their price target on Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. LADENBURG THALM/SH SH upped their price objective on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Morgan Stanley raised their target price on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. BMO Capital Markets reissued a “market perform” rating and issued a $14.00 target price on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Finally, Barclays boosted their price target on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Park Hotels & Resorts presently has an average rating of “Hold” and a consensus price target of $13.92.

Park Hotels & Resorts Stock Up 2.8%

NYSE:PK opened at $15.80 on Thursday. The business’s fifty day moving average price is $14.68 and its 200 day moving average price is $12.51. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -19.04, a PEG ratio of 2.03 and a beta of 1.34. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29. Park Hotels & Resorts Inc. has a 1-year low of $9.84 and a 1-year high of $15.97.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.64 EPS. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 6.3%. Park Hotels & Resorts’s payout ratio is presently -120.48%.

Park Hotels & Resorts Company 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.