Arizona State Retirement System Boosts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Arizona State Retirement System raised its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 58,940 shares of the financial services provider’s stock after purchasing an additional 1,232 shares during the quarter. Arizona State Retirement System’s holdings in Park Hotels & Resorts were worth $883,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PK. Norges Bank purchased a new position in shares of Park Hotels & Resorts during the fourth quarter worth approximately $31,745,000. Los Angeles Capital Management LLC lifted its holdings 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 buying an additional 1,809,886 shares during the period. SG Americas Securities LLC grew its position in shares of Park Hotels & Resorts by 15,714.0% during 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 in the last quarter. Epoch Investment Partners Inc. grew its position in shares of 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 worth $24,344,000 after buying an additional 801,372 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in shares of Park Hotels & Resorts during the fourth quarter valued at $9,180,000. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial cut their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Wells Fargo & Company lowered their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Friday. Wedbush reiterated a “neutral” rating and issued a $17.00 price target on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Finally, UBS Group reduced their price target on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $16.96.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $14.04 on Friday. The company has a 50 day moving average price of $14.51 and a 200 day moving average price of $15.63. The firm has a market capitalization of $2.93 billion, a P/E ratio of 31.91, a PEG ratio of 0.66 and a beta of 2.02. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly 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 firm had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $694.94 million. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 7.12%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.28%.

Park Hotels & Resorts Company Profile

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.