United Services Automobile Association Purchases 1,509 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

United Services Automobile Association grew its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 10.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,826 shares of the financial services provider’s stock after buying an additional 1,509 shares during the period. United Services Automobile Association’s holdings in Park Hotels & Resorts were worth $237,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PK. Norges Bank bought a new stake in Park Hotels & Resorts during the fourth quarter worth about $31,745,000. Los Angeles Capital Management LLC boosted its position in shares of Park Hotels & Resorts by 601.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock worth $36,921,000 after purchasing an additional 1,809,886 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Park Hotels & Resorts by 15,714.0% in the 1st quarter. SG Americas Securities LLC now owns 1,301,019 shares of the financial services provider’s stock worth $22,755,000 after buying an additional 1,292,792 shares during the last quarter. Epoch Investment Partners Inc. increased its position in Park Hotels & Resorts by 135.7% during the 1st quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after buying an additional 801,372 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in Park Hotels & Resorts during the fourth quarter valued at $9,180,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Evercore ISI cut their target price on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Wedbush restated a “neutral” rating and set a $17.00 price objective on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Truist Financial dropped their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Barclays raised their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Finally, UBS Group lowered their price objective on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and an average target price of $17.25.

Park Hotels & Resorts Stock Down 0.8 %

PK opened at $13.67 on Thursday. The firm’s 50 day simple moving average is $14.54 and its two-hundred day simple moving average is $15.66. The company has a market capitalization of $2.85 billion, a PE ratio of 31.06, a PEG ratio of 0.68 and a beta of 2.02. Park Hotels & Resorts Inc. has a 1-year low of $11.05 and a 1-year high of $18.05. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.23.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.30). Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. The company had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $694.94 million. As a group, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 7.32%. The ex-dividend date of this dividend is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio is 227.28%.

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.