Bank of Montreal Can Acquires 60,202 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Bank of Montreal Can raised its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 92.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 125,337 shares of the financial services provider’s stock after acquiring an additional 60,202 shares during the quarter. Bank of Montreal Can’s holdings in Park Hotels & Resorts were worth $1,856,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PK. Price T Rowe Associates Inc. MD grew its holdings in Park Hotels & Resorts by 6.4% in 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 last quarter. Tidal Investments LLC grew its stake in Park Hotels & Resorts by 17.9% during the 1st quarter. Tidal Investments LLC now owns 14,060 shares of the financial services provider’s stock worth $246,000 after buying an additional 2,131 shares during the last quarter. CWM LLC grew its stake in Park Hotels & Resorts by 1,875.4% during the 2nd 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 last quarter. Sound Income Strategies LLC increased its position in Park Hotels & Resorts by 9.6% during the 2nd quarter. Sound Income Strategies LLC now owns 789,754 shares of the financial services provider’s stock valued at $11,831,000 after buying an additional 69,498 shares in the last quarter. Finally, Blue Zone Wealth Advisors LLC raised its stake in Park Hotels & Resorts by 0.4% in the second quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock valued at $3,786,000 after buying an additional 883 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PK shares. Wells Fargo & Company boosted their price target on Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 26th. UBS Group boosted their target price on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Compass Point lowered 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 note on Thursday, October 31st. Finally, Bank of America dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.23.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $15.74 on Friday. The firm’s fifty day moving average is $14.55 and its two-hundred day moving average is $14.72. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 7.10 and a beta of 2.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts Inc. has a one year low of $13.23 and a one year high of $18.05.

Park Hotels & Resorts (NYSE:PK) last issued 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 company had revenue of $649.00 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 EPS. Research analysts expect that Park Hotels & Resorts Inc. will post 1.97 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The company 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 dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 16.52%. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. Park Hotels & Resorts’s payout ratio is 63.69%.

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.