Caisse de depot et placement du Quebec Purchases New Shares in Park Hotels & Resorts Inc. $PK

Caisse de depot et placement du Quebec acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 785,700 shares of the financial services provider’s stock, valued at approximately $11,196,000. Caisse de depot et placement du Quebec owned approximately 0.39% of Park Hotels & Resorts at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PK. Global Retirement Partners LLC bought a new stake in shares of Park Hotels & Resorts during the 2nd quarter valued at $25,000. Danske Bank A S purchased a new stake in shares of Park Hotels & Resorts in the 3rd quarter worth about $25,000. Fifth Third Bancorp grew its position in shares of Park Hotels & Resorts by 68.8% in the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,061 shares during the period. Advisory Services Network LLC bought a new position in shares of Park Hotels & Resorts in the 3rd quarter worth about $34,000. Finally, North Star Investment Management Corp. increased its stake in shares of Park Hotels & Resorts by 263.2% in the 1st 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 in the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

Shares of PK opened at $15.84 on Friday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of -19.08, a P/E/G ratio of 2.04 and a beta of 1.34. The business’s fifty day simple moving average is $14.86 and its two-hundred day simple moving average is $12.73. Park Hotels & Resorts Inc. has a 12 month low of $9.84 and a 12 month high of $16.20. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly 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 analysts’ expectations 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 was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. Research analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders 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 yield of 6.3%. Park Hotels & Resorts’s payout ratio is -120.48%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PK. Barclays boosted their price objective on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $18.00 target price on shares of Park Hotels & Resorts in a research note on Friday, August 14th. BMO Capital Markets reiterated a “market perform” rating and set a $14.00 target price on shares of Park Hotels & Resorts in a report on Friday, June 12th. JPMorgan Chase & Co. boosted their price target on Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. Finally, Weiss Ratings raised Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $14.08.

Park Hotels & Resorts 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.