Park Hotels & Resorts Inc. (NYSE:PK) Shares Acquired by MML Investors Services LLC

MML Investors Services LLC lifted its position in Park Hotels & Resorts Inc. (NYSE:PK) by 55.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,634 shares of the financial services provider’s stock after buying an additional 8,749 shares during the quarter. MML Investors Services LLC’s holdings in Park Hotels & Resorts were worth $347,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PK. Donald Smith & CO. Inc. raised its position in Park Hotels & Resorts by 22.5% during the third quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after acquiring an additional 1,484,295 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Park Hotels & Resorts by 287.7% in the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after buying an additional 3,897,889 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Park Hotels & Resorts by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock worth $46,638,000 after buying an additional 115,391 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Park Hotels & Resorts by 2.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock valued at $40,928,000 after acquiring an additional 66,093 shares during the period. Finally, Jupiter Asset Management Ltd. lifted its holdings in shares of 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. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PK. Bank of America dropped their price target on shares of 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. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Compass Point reduced their price objective on 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. UBS Group lifted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company increased their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.55.

Park Hotels & Resorts Trading Up 1.1 %

NYSE PK opened at $15.07 on Wednesday. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 9.60, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. The firm’s fifty day moving average price is $14.77 and its 200 day moving average price is $14.65. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data 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). The company had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business earned $0.51 EPS. On average, sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 17.25%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio is currently 63.69%.

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.