Park Hotels & Resorts Inc. (NYSE:PK) Shares Bought by Cerity Partners LLC

Cerity Partners LLC lifted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 47.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 150,971 shares of the financial services provider’s stock after acquiring an additional 48,308 shares during the period. Cerity Partners LLC’s holdings in Park Hotels & Resorts were worth $2,129,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in Park Hotels & Resorts by 6.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 100,390 shares of the financial services provider’s stock worth $1,756,000 after purchasing an additional 6,067 shares during the period. Tidal Investments LLC lifted its stake in shares of Park Hotels & Resorts by 17.9% in the 1st quarter. Tidal Investments LLC now owns 14,060 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 2,131 shares during the last quarter. CWM LLC boosted its stake in Park Hotels & Resorts by 1,875.4% during the second quarter. CWM LLC now owns 56,258 shares of the financial services provider’s stock worth $843,000 after buying an additional 53,410 shares during the period. Sound Income Strategies LLC increased its position in shares of Park Hotels & Resorts by 9.6% during the second quarter. Sound Income Strategies LLC now owns 789,754 shares of the financial services provider’s stock valued at $11,831,000 after acquiring an additional 69,498 shares during the last quarter. Finally, Blue Zone Wealth Advisors LLC raised its stake in shares of Park Hotels & Resorts by 0.4% in the 2nd quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock valued at $3,786,000 after acquiring an additional 883 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 0.1 %

Shares of NYSE:PK opened at $15.55 on Monday. Park Hotels & Resorts Inc. has a twelve month low of $13.23 and a twelve month high of $18.05. The company has a market capitalization of $3.21 billion, a PE ratio of 9.90, a P/E/G ratio of 6.99 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. The firm has a 50 day simple moving average of $14.49 and a 200-day simple moving average of $14.72.

Park Hotels & Resorts (NYSE:PK) last posted 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 firm had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 EPS. On average, equities analysts predict that Park Hotels & Resorts Inc. will post 1.97 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 16.72%. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s payout ratio is presently 63.69%.

Wall Street Analyst Weigh In

PK has been the topic of several research reports. Evercore ISI decreased their target price 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. Wolfe Research downgraded shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Wells Fargo & Company increased their price objective on Park Hotels & Resorts from $14.50 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 26th. Truist Financial lowered their target price on 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. 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 research note on Thursday, October 31st. One research 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.23.

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.