Park Hotels & Resorts Inc. (NYSE:PK) Shares Bought by Covestor Ltd

Covestor Ltd lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 64.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,894 shares of the financial services provider’s stock after purchasing an additional 2,711 shares during the quarter. Covestor Ltd’s holdings in Park Hotels & Resorts were worth $97,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in PK. Epoch Investment Partners Inc. boosted its position in Park Hotels & Resorts by 135.7% in 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 during the period. Acadian Asset Management LLC grew its stake in Park Hotels & Resorts by 492.7% during the 1st quarter. Acadian Asset Management LLC now owns 54,345 shares of the financial services provider’s stock worth $950,000 after purchasing an additional 45,176 shares in the last quarter. Algert Global LLC increased its holdings in Park Hotels & Resorts by 48.6% during the 2nd quarter. Algert Global LLC now owns 752,273 shares of the financial services provider’s stock worth $11,269,000 after purchasing an additional 245,973 shares during the period. Diversified Trust Co acquired a new stake in Park Hotels & Resorts in the 2nd quarter valued at about $599,000. Finally, Entropy Technologies LP purchased a new position in shares of Park Hotels & Resorts in the 1st quarter valued at about $1,497,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PK shares. Wells Fargo & Company cut 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 note on Friday, September 13th. Compass Point decreased their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Bank of America dropped their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts currently has a consensus rating of “Hold” and a consensus price target of $18.00.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $15.10 on Wednesday. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 0.81 and a beta of 2.02. The firm’s fifty day simple moving average is $14.32 and its 200-day simple moving average is $14.83. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. Park Hotels & Resorts Inc. has a 12 month low of $12.96 and a 12 month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The business had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. Park Hotels & Resorts’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. As a group, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current year.

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.