Ontario Teachers Pension Plan Board Purchases 313,884 Shares of Park Hotels & Resorts Inc. $PK

Ontario Teachers Pension Plan Board increased its position in Park Hotels & Resorts Inc. (NYSE:PK) by 129.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 556,013 shares of the financial services provider’s stock after acquiring an additional 313,884 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Park Hotels & Resorts were worth $6,161,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Amundi grew its holdings in Park Hotels & Resorts by 1.9% during the 1st quarter. Amundi now owns 115,143 shares of the financial services provider’s stock worth $1,119,000 after acquiring an additional 2,179 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Park Hotels & Resorts by 849.3% during the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock worth $5,595,000 after purchasing an additional 468,668 shares during the period. United Services Automobile Association acquired a new position in shares of Park Hotels & Resorts during the first quarter worth $152,000. Empowered Funds LLC grew its stake in shares of Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 2,058 shares during the last quarter. Finally, Focus Partners Wealth increased its holdings in Park Hotels & Resorts by 30.6% in the first quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 4,374 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on PK shares. Evercore cut their target price on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating on the stock in a report on Thursday, November 20th. Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Barclays started coverage on Park Hotels & Resorts in a report on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 target price on the stock. Zacks Research downgraded shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 14th. Finally, Truist Financial lowered their price target on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating for the company in a report on Tuesday, February 3rd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $11.27.

Insider Activity

In related news, Director Christie B. Kelly acquired 2,949 shares of Park Hotels & Resorts stock in a transaction dated Wednesday, January 14th. The stock was bought at an average price of $11.19 per share, with a total value of $32,999.31. Following the transaction, the director directly owned 150,501 shares in the company, valued at $1,684,106.19. This represents a 2.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

Park Hotels & Resorts Stock Down 0.3%

Shares of Park Hotels & Resorts stock opened at $11.44 on Thursday. The stock’s 50-day moving average is $11.10 and its 200 day moving average is $11.05. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $13.20. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -163.36 and a beta of 1.45. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.04 and a quick ratio of 1.04.

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.