State of Wyoming Makes New Investment in Park Hotels & Resorts Inc. $PK

State of Wyoming purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 82,234 shares of the financial services provider’s stock, valued at approximately $1,172,000.

Several other large investors have also modified their holdings of the business. Danske Bank A S purchased a new stake in Park Hotels & Resorts in the 3rd quarter valued at approximately $25,000. Fifth Third Bancorp grew its holdings in Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,061 shares during the last quarter. Advisory Services Network LLC purchased a new position in Park Hotels & Resorts during the third quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. increased its position in Park Hotels & Resorts by 33.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,844 shares of the financial services provider’s stock worth $61,000 after buying an additional 1,464 shares in the last quarter. Finally, North Star Investment Management Corp. raised its holdings in shares of Park Hotels & Resorts by 263.2% in the first quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 4,500 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Price Performance

PK stock opened at $15.11 on Friday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -18.20, a price-to-earnings-growth ratio of 2.00 and a beta of 1.34. The company has a quick ratio of 1.25, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. Park Hotels & Resorts Inc. has a 52-week low of $9.84 and a 52-week high of $15.48. The stock’s fifty day simple moving average is $14.60 and its 200-day simple moving average is $12.40.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities research analysts expect that Park Hotels & Resorts Inc. will post 1.79 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 annualized dividend and a yield of 6.6%. Park Hotels & Resorts’s payout ratio is -120.48%.

Analyst Upgrades and Downgrades

PK has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, August 10th. Cantor Fitzgerald lifted their price objective on Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. LADENBURG THALM/SH SH upped their target price on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Truist Financial raised their price target on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $18.00 price target on shares of Park Hotels & Resorts in a report on Friday. Two research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.92.

About Park Hotels & Resorts

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.