Massachusetts Financial Services Co. MA increased its position in shares of Park Hotels & Resorts Inc. (NYSE:PK – Free Report) by 23.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 258,118 shares of the financial services provider’s stock after purchasing an additional 48,948 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.12% of Park Hotels & Resorts worth $3,949,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the company. Cascade Investment Advisors Inc. boosted its holdings in shares of Park Hotels & Resorts by 1.1% during the 4th quarter. Cascade Investment Advisors Inc. now owns 66,222 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 725 shares during the last quarter. Signaturefd LLC boosted its stake in Park Hotels & Resorts by 12.7% during the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock worth $98,000 after buying an additional 727 shares during the last quarter. Truist Financial Corp grew its holdings in Park Hotels & Resorts by 3.8% in the 4th quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider’s stock valued at $342,000 after buying an additional 816 shares in the last quarter. Spire Wealth Management grew its holdings in Park Hotels & Resorts by 20.1% in the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock valued at $63,000 after buying an additional 860 shares in the last quarter. Finally, Covestor Ltd increased its stake in shares of Park Hotels & Resorts by 31.5% in the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,340 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.
Park Hotels & Resorts Stock Performance
Shares of PK stock opened at $16.32 on Monday. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The company has a market cap of $3.44 billion, a P/E ratio of 37.09, a PEG ratio of 0.80 and a beta of 2.03. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average price of $16.81 and a 200 day moving average price of $15.88.
Park Hotels & Resorts (NYSE:PK – Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. The company had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.08 earnings per share for the current fiscal year.
Park Hotels & Resorts Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is currently 227.28%.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the stock. UBS Group upped their price objective on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, March 6th. Wells Fargo & Company raised their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Truist Financial upped their price objective on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Barclays raised their target price on Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Finally, StockNews.com upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.50.
Check Out Our Latest Report on PK
About Park Hotels & Resorts
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.
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