Federated Hermes Inc. Has $2.38 Million Position in Park Hotels & Resorts Inc. $PK

Federated Hermes Inc. lifted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 71.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 214,629 shares of the financial services provider’s stock after acquiring an additional 89,361 shares during the period. Federated Hermes Inc.’s holdings in Park Hotels & Resorts were worth $2,378,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in PK. Parvin Asset Management LLC bought a new stake in Park Hotels & Resorts during the second quarter worth $26,000. Bessemer Group Inc. raised its holdings in shares of Park Hotels & Resorts by 359.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider’s stock worth $32,000 after buying an additional 2,411 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Park Hotels & Resorts by 469.0% during the 2nd quarter. IFP Advisors Inc now owns 3,465 shares of the financial services provider’s stock worth $35,000 after buying an additional 2,856 shares during the last quarter. Allworth Financial LP boosted its stake in Park Hotels & Resorts by 322.4% in the second quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock valued at $40,000 after buying an additional 2,992 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Park Hotels & Resorts by 1,288.9% in the third quarter. Parkside Financial Bank & Trust now owns 8,722 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 8,094 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Christie B. Kelly bought 2,949 shares of the stock in a transaction that occurred on Wednesday, January 14th. The stock was acquired at an average cost of $11.19 per share, with a total value of $32,999.31. Following the transaction, the director directly owned 150,501 shares in the company, valued at approximately $1,684,106.19. This trade represents a 2.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is owned by insiders.

Park Hotels & Resorts Trading Up 4.3%

PK opened at $11.55 on Thursday. The company’s 50 day moving average price is $10.94 and its two-hundred day moving average price is $11.01. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -165.00 and a beta of 1.45. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $13.30. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.04 and a quick ratio of 1.04.

Analyst Upgrades and Downgrades

PK has been the subject of several research analyst reports. Barclays initiated coverage on Park Hotels & Resorts in a research note on Tuesday, January 6th. They set an “overweight” rating and a $13.00 target price for the company. Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, January 16th. JPMorgan Chase & Co. increased their price objective on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday. Wells Fargo & Company cut their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Monday, December 1st. Finally, Evercore ISI lowered their price target on shares of Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a report on Thursday, November 20th. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.