Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Park Hotels & Resorts Inc. $PK

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 174,498 shares of the financial services provider’s stock, valued at approximately $2,487,000.

A number of other institutional investors also recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in shares of Park Hotels & Resorts in the second quarter worth approximately $25,000. Danske Bank A S purchased a new position in shares of Park Hotels & Resorts in the third quarter valued at about $25,000. Fifth Third Bancorp lifted its holdings in 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 purchasing an additional 1,061 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Park Hotels & Resorts during the third quarter worth $34,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Park Hotels & Resorts by 33.4% during 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 purchasing an additional 1,464 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Shares of PK stock opened at $15.81 on Friday. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -19.05, a PEG ratio of 2.09 and a beta of 1.34. 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 fifty-two week low of $9.84 and a fifty-two week high of $15.97. The stock’s 50-day simple moving average is $14.73 and its 200-day simple moving average is $12.57.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (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 for the quarter, compared to the consensus estimate of $659.68 million. During the same period in the prior year, the firm earned $0.64 EPS. The firm’s revenue was up 1.2% on a year-over-year basis. As a group, equities analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. 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 presently -120.48%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PK. JPMorgan Chase & Co. increased their target price 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. Weiss Ratings raised Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $14.00 price target on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Barclays raised their price objective on Park Hotels & Resorts from $9.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $18.00 price target on shares of Park Hotels & Resorts in a report on Friday, August 14th. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.92.

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.