Merit Financial Group LLC Purchases Shares of 10,342 Park Hotels & Resorts Inc. (NYSE:PK)

Merit Financial Group LLC purchased a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,342 shares of the financial services provider’s stock, valued at approximately $146,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Oak Thistle LLC bought a new stake in Park Hotels & Resorts in the 4th quarter worth approximately $280,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Park Hotels & Resorts by 0.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock worth $1,128,000 after acquiring an additional 752 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Park Hotels & Resorts by 18.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after acquiring an additional 540,920 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Park Hotels & Resorts by 43.6% in the 3rd quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after purchasing an additional 208,877 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Park Hotels & Resorts by 5.5% during the 3rd quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock valued at $275,000 after purchasing an additional 1,020 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $13.43 on Monday. The stock has a fifty day moving average of $14.64 and a 200 day moving average of $14.53. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 8.56, a PEG ratio of 5.69 and a beta of 2.02. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 52 week low of $13.22 and a 52 week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The company had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. During the same period in the prior year, the firm earned $0.51 EPS. Park Hotels & Resorts’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, research analysts expect that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.65 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $2.60 annualized dividend and a yield of 19.36%. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

Wall Street Analysts Forecast Growth

PK has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Jefferies Financial Group lowered their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Bank of America reduced their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. UBS Group boosted their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. Finally, Compass Point cut their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $18.65.

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.