Private Management Group Inc. Has $31.94 Million Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Private Management Group Inc. increased its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 2,269,849 shares of the financial services provider’s stock after acquiring an additional 44,606 shares during the quarter. Park Hotels & Resorts makes up 1.2% of Private Management Group Inc.’s holdings, making the stock its 22nd largest holding. Private Management Group Inc.’s holdings in Park Hotels & Resorts were worth $31,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the company. Creative Planning raised its position in Park Hotels & Resorts by 39.0% during the second quarter. Creative Planning now owns 26,190 shares of the financial services provider’s stock valued at $392,000 after buying an additional 7,348 shares during the period. Truist Financial Corp increased its holdings in shares of Park Hotels & Resorts by 129.1% in the 2nd quarter. Truist Financial Corp now owns 53,318 shares of the financial services provider’s stock valued at $799,000 after purchasing an additional 30,043 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Park Hotels & Resorts in the second quarter worth approximately $204,000. CWM LLC boosted its holdings in shares of Park Hotels & Resorts by 98.4% during the third quarter. CWM LLC now owns 111,611 shares of the financial services provider’s stock worth $1,574,000 after purchasing an additional 55,353 shares during the period. Finally, Pensionfund DSM Netherlands grew its position in Park Hotels & Resorts by 19.2% during the third quarter. Pensionfund DSM Netherlands now owns 62,038 shares of the financial services provider’s stock valued at $875,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 0.2 %

PK opened at $13.08 on Thursday. The firm has a market cap of $2.70 billion, a P/E ratio of 8.33 and a beta of 2.00. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The business has a 50 day moving average price of $14.45 and a 200 day moving average price of $14.46. Park Hotels & Resorts Inc. has a twelve month low of $12.80 and a twelve month high of $18.05.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 19.89%. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, December 31st. Park Hotels & Resorts’s payout ratio is presently 63.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut their target price on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. Bank of America cut their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Company raised their price target on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Finally, Compass Point lowered their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.45.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.