Cibc World Market Inc. Invests $1.04 Million in Park Hotels & Resorts Inc. $PK

Cibc World Market Inc. acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 72,723 shares of the financial services provider’s stock, valued at approximately $1,036,000.

Several other hedge funds have also recently bought and sold shares of the company. Danske Bank A S acquired a new position in Park Hotels & Resorts during the 3rd quarter valued at about $25,000. Global Retirement Partners LLC bought a new position in Park Hotels & Resorts in the 2nd quarter worth about $25,000. Fifth Third Bancorp increased its stake in shares of Park Hotels & Resorts by 68.8% in the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,061 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Park Hotels & Resorts in the third quarter valued at approximately $34,000. Finally, North Star Investment Management Corp. increased its stake 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 valued at $65,000 after purchasing an additional 4,500 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PK shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $18.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, August 14th. Barclays raised their target price on Park Hotels & Resorts from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday. LADENBURG THALM/SH SH lifted their target price on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Cantor Fitzgerald boosted their price target 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. Finally, Morgan Stanley boosted their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.08.

Park Hotels & Resorts Stock Down 1.3%

Park Hotels & Resorts stock opened at $15.73 on Friday. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -18.95, a PEG ratio of 2.09 and a beta of 1.34. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29. The company’s 50-day moving average price is $14.84 and its two-hundred day moving average price is $12.71. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $16.20.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. Park Hotels & Resorts’s revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 EPS. On average, analysts expect that Park Hotels & Resorts Inc. will post 1.8 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -120.48%.

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.