Shell Asset Management Co. acquired a new stake in Park Hotels & Resorts Inc (NYSE:PK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 15,456 shares of the financial services provider’s stock, valued at approximately $507,000.
Other hedge funds have also recently made changes to their positions in the company. First Hawaiian Bank purchased a new position in Park Hotels & Resorts in the 3rd quarter valued at $250,000. Standard Life Aberdeen plc lifted its holdings in Park Hotels & Resorts by 163.4% in the 2nd quarter. Standard Life Aberdeen plc now owns 45,392 shares of the financial services provider’s stock valued at $1,391,000 after purchasing an additional 28,159 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Park Hotels & Resorts by 16.9% in the 2nd quarter. Janus Henderson Group PLC now owns 26,547 shares of the financial services provider’s stock valued at $813,000 after purchasing an additional 3,847 shares in the last quarter. Abacus Planning Group Inc. purchased a new position in Park Hotels & Resorts in the 3rd quarter valued at $208,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Park Hotels & Resorts in the 2nd quarter valued at $330,000.
NYSE PK opened at $30.16 on Friday. Park Hotels & Resorts Inc has a 52 week low of $23.91 and a 52 week high of $34.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a market cap of $6.17 billion, a PE ratio of 10.54, a P/E/G ratio of 2.24 and a beta of 0.99.
Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Thursday, November 1st. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.38). Park Hotels & Resorts had a return on equity of 8.27% and a net margin of 17.46%. The company had revenue of $652.00 million for the quarter, compared to analysts’ expectations of $656.61 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The firm’s revenue was down 5.2% on a year-over-year basis. Sell-side analysts expect that Park Hotels & Resorts Inc will post 2.84 earnings per share for the current fiscal year.
A number of brokerages have weighed in on PK. Zacks Investment Research upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Wells Fargo & Co reduced their price target on Park Hotels & Resorts from $32.00 to $29.00 and set a “market perform” rating on the stock in a report on Friday, November 16th. Deutsche Bank set a $32.00 price target on Park Hotels & Resorts and gave the stock a “hold” rating in a report on Saturday, November 3rd. Nomura lifted their price target on Park Hotels & Resorts from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, November 2nd. Finally, Evercore ISI lowered Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a report on Monday, August 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.72.
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About Park Hotels & Resorts
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.
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