Park Hotels & Resorts Inc. (PK) Raised to Buy at Zacks Investment Research

Park Hotels & Resorts Inc. (NYSE:PK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, July 11th. The firm currently has a $30.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 14.29% from the company’s previous close.

According to Zacks, “Park Hotels & Resorts Inc. is a lodging Real Estate Company. The company operates luxury hotels and resorts in USA and international market. Park Hotels & Resorts Inc. is based in Mc Lean, Virginia. “

A number of other analysts have also recently commented on PK. UBS AG began coverage on Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a “neutral” rating for the company. Boenning Scattergood restated an “outperform” rating and issued a $30.00 price target on shares of Park Hotels & Resorts in a report on Tuesday, April 18th. Susquehanna Bancshares Inc initiated coverage on Park Hotels & Resorts in a report on Wednesday, April 26th. They issued a “neutral” rating and a $28.00 price target for the company. J P Morgan Chase & Co initiated coverage on Park Hotels & Resorts in a report on Thursday, June 15th. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Evercore ISI initiated coverage on Park Hotels & Resorts in a report on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 price target for the company. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Park Hotels & Resorts has an average rating of “Hold” and an average price target of $34.80.

Shares of Park Hotels & Resorts (NYSE PK) traded down 1.54% during midday trading on Tuesday, hitting $26.25. 1,893,748 shares of the company were exchanged. The company has a 50-day moving average price of $27.03 and a 200-day moving average price of $26.56. The stock has a market capitalization of $5.64 billion and a price-to-earnings ratio of 2.25. Park Hotels & Resorts has a 52-week low of $24.65 and a 52-week high of $30.74.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The company had revenue of $733 million for the quarter, compared to analysts’ expectations of $716.51 million. The company’s revenue was up 1.1% on a year-over-year basis. On average, analysts forecast that Park Hotels & Resorts will post $11.94 EPS for the current year.

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In other news, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of Park Hotels & Resorts stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen I. Sadove acquired 9,600 shares of Park Hotels & Resorts stock in a transaction dated Friday, August 4th. The stock was purchased at an average cost of $25.97 per share, for a total transaction of $249,312.00. Following the completion of the purchase, the director now directly owns 20,151 shares in the company, valued at $523,321.47. The disclosure for this purchase can be found here. Insiders own 0.25% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. raised its position in Park Hotels & Resorts by 135.5% in the second quarter. Prudential Financial Inc. now owns 3,296,991 shares of the financial services provider’s stock valued at $88,886,000 after buying an additional 1,896,731 shares during the period. Principal Financial Group Inc. raised its position in Park Hotels & Resorts by 130.4% in the second quarter. Principal Financial Group Inc. now owns 3,230,782 shares of the financial services provider’s stock valued at $87,102,000 after buying an additional 1,828,408 shares during the period. Schwab Charles Investment Management Inc. raised its position in Park Hotels & Resorts by 278.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,219,821 shares of the financial services provider’s stock valued at $32,887,000 after buying an additional 897,527 shares during the period. Marshall Wace North America L.P. raised its position in Park Hotels & Resorts by 195.5% in the second quarter. Marshall Wace North America L.P. now owns 1,010,988 shares of the financial services provider’s stock valued at $27,297,000 after buying an additional 668,861 shares during the period. Finally, APG Asset Management US Inc. raised its position in Park Hotels & Resorts by 66.3% in the second quarter. APG Asset Management US Inc. now owns 1,550,000 shares of the financial services provider’s stock valued at $41,788,000 after buying an additional 618,229 shares during the period. 97.07% of the stock is currently owned by hedge funds and other institutional investors.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.

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Analyst Recommendations for Park Hotels & Resorts (NYSE:PK)

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