Pallas Capital Advisors LLC Invests $647,000 in Park Hotels & Resorts Inc. $PK

Pallas Capital Advisors LLC acquired a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 45,427 shares of the financial services provider’s stock, valued at approximately $647,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Park Hotels & Resorts in the 2nd quarter worth about $25,000. Danske Bank A S acquired a new stake in shares of Park Hotels & Resorts during the 3rd quarter valued at about $25,000. Fifth Third Bancorp lifted its holdings in shares of 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 bought a new stake in shares of Park Hotels & Resorts in the 3rd quarter valued at approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Park Hotels & Resorts by 33.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,844 shares of the financial services provider’s stock valued at $61,000 after buying an additional 1,464 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $15.80 on Thursday. The business’s 50-day simple moving average is $14.68 and its 200-day simple moving average is $12.51. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $15.97. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of -19.04, a P/E/G ratio of 2.03 and a beta of 1.34.

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

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.3%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -120.48%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PK shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $18.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, August 14th. LADENBURG THALM/SH SH boosted their target price on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. BMO Capital Markets restated a “market perform” rating and set a $14.00 price target on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Cantor Fitzgerald increased their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Finally, Barclays raised their price target on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.92.

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.