Wealthfront Advisers LLC Acquires New Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Wealthfront Advisers LLC acquired a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 38,472 shares of the financial services provider’s stock, valued at approximately $541,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PK. Assetmark Inc. increased its position in Park Hotels & Resorts by 59.5% during the 3rd quarter. Assetmark Inc. now owns 22,591 shares of the financial services provider’s stock valued at $319,000 after buying an additional 8,429 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Park Hotels & Resorts by 345.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after buying an additional 802,939 shares in the last quarter. Victory Capital Management Inc. increased its position in Park Hotels & Resorts by 21.5% during the 3rd quarter. Victory Capital Management Inc. now owns 109,002 shares of the financial services provider’s stock valued at $1,537,000 after buying an additional 19,273 shares in the last quarter. KBC Group NV increased its position in Park Hotels & Resorts by 34.4% during the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,882 shares in the last quarter. Finally, Metis Global Partners LLC increased its position in Park Hotels & Resorts by 30.5% during the 3rd quarter. Metis Global Partners LLC now owns 21,514 shares of the financial services provider’s stock valued at $303,000 after buying an additional 5,023 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. UBS Group cut their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company cut their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group cut their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and an average price target of $18.15.

Park Hotels & Resorts Stock Performance

PK stock opened at $11.35 on Monday. The company has a market cap of $2.29 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 1.51 and a beta of 2.02. Park Hotels & Resorts Inc. has a 1 year low of $10.87 and a 1 year high of $18.05. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. The stock’s fifty day moving average price is $12.94 and its 200-day moving average price is $14.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The firm had revenue of $625.00 million during the quarter, compared to analysts’ expectations of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 8.81%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.