Park Hotels & Resorts Inc. (NYSE:PK) Shares Acquired by Assetmark Inc.

Assetmark Inc. increased its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 59.5% during the third quarter, Holdings Channel reports. The institutional investor owned 22,591 shares of the financial services provider’s stock after buying an additional 8,429 shares during the quarter. Assetmark Inc.’s holdings in Park Hotels & Resorts were worth $319,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of Park Hotels & Resorts by 287.7% in the 2nd quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after acquiring an additional 3,897,889 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Park Hotels & Resorts by 286.9% in the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after purchasing an additional 1,925,850 shares in the last quarter. Donald Smith & CO. Inc. boosted its holdings in Park Hotels & Resorts by 22.5% in the third quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock valued at $113,890,000 after purchasing an additional 1,484,295 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in Park Hotels & Resorts by 135.7% in the first quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after purchasing an additional 801,372 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in Park Hotels & Resorts during the second quarter worth approximately $4,817,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PK shares. Evercore ISI lowered their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. UBS Group decreased their price objective on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Truist Financial cut their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Wells Fargo & Company decreased their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Finally, StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.00.

Park Hotels & Resorts Stock Down 1.4 %

Park Hotels & Resorts stock opened at $14.49 on Friday. The stock has a 50 day moving average of $14.36 and a two-hundred day moving average of $14.80. Park Hotels & Resorts Inc. has a twelve month low of $13.23 and a twelve month high of $18.05. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 0.83 and a beta of 2.02. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 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 for the quarter, compared to analysts’ expectations of $646.15 million. During the same quarter last year, the company 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 2.09 earnings per share for the current year.

Park Hotels & Resorts 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.