Quantbot Technologies LP Makes New $746,000 Investment in Park Hotels & Resorts Inc. $PK

Quantbot Technologies LP purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 52,320 shares of the financial services provider’s stock, valued at approximately $746,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Park Hotels & Resorts in the second quarter worth $444,311,000. Donald Smith & CO. Inc. purchased a new position in shares of Park Hotels & Resorts during the 2nd quarter valued at $207,120,000. Sculptor Capital LP lifted its stake in shares of Park Hotels & Resorts by 154.1% during the 2nd 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. AQR Capital Management LLC boosted its holdings in Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock worth $79,230,000 after buying an additional 3,361,382 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Park Hotels & Resorts by 34.6% in the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after buying an additional 3,309,275 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wells Fargo & Company raised Park Hotels & Resorts to a “hold” rating in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, August 14th. Barclays increased their target price on Park Hotels & Resorts from $9.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. LADENBURG THALM/SH SH lifted their target price on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $14.00 price target on shares of Park Hotels & Resorts in a report on Friday, June 12th. Two analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $13.92.

Park Hotels & Resorts Stock Performance

PK opened at $15.92 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -19.18, a PEG ratio of 2.14 and a beta of 1.34. The company has a fifty day moving average of $14.82 and a 200 day moving average of $12.68. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly 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 net margin of 6.41% and a negative return on equity of 5.23%. The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $659.68 million. During the same quarter in the previous year, the company earned $0.64 EPS. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

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

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.