Quantitative Systematic Strategies LLC purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,909 shares of the financial services provider’s stock, valued at approximately $456,000.
Several other institutional investors also recently bought and sold shares of the stock. Cascade Investment Advisors Inc. raised its stake in Park Hotels & Resorts by 24.8% in the second quarter. Cascade Investment Advisors Inc. now owns 28,358 shares of the financial services provider’s stock valued at $765,000 after buying an additional 5,637 shares during the last quarter. Forsta AP Fonden purchased a new position in Park Hotels & Resorts during the second quarter worth $1,429,000. State of Alaska Department of Revenue purchased a new position in Park Hotels & Resorts during the second quarter worth $1,690,000. Adelante Capital Management LLC purchased a new position in Park Hotels & Resorts during the first quarter worth $2,106,000. Finally, Aperio Group LLC raised its position in Park Hotels & Resorts by 1,065.3% in the second quarter. Aperio Group LLC now owns 413,435 shares of the financial services provider’s stock worth $11,146,000 after buying an additional 377,955 shares in the last quarter. Institutional investors and hedge funds own 97.07% of the company’s stock.
Park Hotels & Resorts Inc. (NYSE:PK) traded down 1.54% during midday trading on Tuesday, reaching $26.25. 1,893,748 shares of the company’s stock traded hands. Park Hotels & Resorts Inc. has a 1-year low of $24.65 and a 1-year high of $30.74. The stock’s 50 day moving average price is $27.03 and its 200 day moving average price is $26.56. The firm has a market cap of $5.64 billion and a price-to-earnings ratio of 2.25.
Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.04. The company had revenue of $733 million during the quarter, compared to the consensus estimate of $716.51 million. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post $11.94 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 6.55%. The ex-dividend date is Thursday, September 28th.
A number of research analysts have recently commented on the stock. Jefferies Group LLC upped their price objective on shares of Park Hotels & Resorts from $58.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, June 20th. Cowen and Company upped their price objective on shares of Park Hotels & Resorts from $61.00 to $70.00 and gave the company a “market perform” rating in a research report on Tuesday, June 20th. Zacks Investment Research raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. Deutsche Bank AG assumed coverage on shares of Park Hotels & Resorts in a research note on Wednesday, April 12th. They issued a “hold” rating and a $28.00 target price on the stock. Finally, Boenning Scattergood reissued an “outperform” rating on shares of Park Hotels & Resorts in a research note on Wednesday, April 12th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $34.80.
In related news, Director Stephen I. Sadove purchased 9,600 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average price of $25.97 per share, for a total transaction of $249,312.00. Following the completion of the acquisition, the director now directly owns 20,151 shares in the company, valued at approximately $523,321.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the firm’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total value of $390,750,000.00. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
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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