Intech Investment Management LLC Makes New Investment in Park Hotels & Resorts Inc. (NYSE:PK)

Intech Investment Management LLC purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 106,416 shares of the financial services provider’s stock, valued at approximately $1,594,000. Intech Investment Management LLC owned approximately 0.05% of Park Hotels & Resorts at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PK. Retirement Systems of Alabama raised its stake in Park Hotels & Resorts by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 263,688 shares of the financial services provider’s stock valued at $4,612,000 after purchasing an additional 693 shares during the last quarter. Blue Zone Wealth Advisors LLC raised its position in shares of Park Hotels & Resorts by 0.4% in the second quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock valued at $3,786,000 after buying an additional 883 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Park Hotels & Resorts by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 94,701 shares of the financial services provider’s stock valued at $1,449,000 after buying an additional 920 shares during the period. State of Michigan Retirement System boosted its position in Park Hotels & Resorts by 2.2% during the first quarter. State of Michigan Retirement System now owns 51,529 shares of the financial services provider’s stock worth $901,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in Park Hotels & Resorts by 10.8% in the 1st quarter. Wedmont Private Capital now owns 11,418 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,117 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PK has been the topic of a number of recent analyst reports. Wedbush reissued a “neutral” rating and set a $17.00 price target on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Evercore ISI decreased their price target 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. Truist Financial dropped their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Wells Fargo & Company decreased their target price on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Finally, UBS Group dropped their price target on shares of 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.96.

Park Hotels & Resorts Stock Down 2.1 %

Shares of NYSE PK opened at $15.27 on Tuesday. The stock has a fifty day moving average price of $14.57 and a 200 day moving average price of $15.53. 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 Inc. has a 12-month low of $11.05 and a 12-month high of $18.05. The company has a market cap of $3.22 billion, a P/E ratio of 34.70, a P/E/G ratio of 0.68 and a beta of 2.02.

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

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.55%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.27%.

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.