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

Caisse de depot et placement du Quebec bought a new position in Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 785,700 shares of the financial services provider’s stock, valued at approximately $11,196,000.

A number of other large investors have also added to or reduced their stakes in the stock. Advisors Capital Management LLC acquired a new stake in shares of Park Hotels & Resorts in the second quarter worth $19,160,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Park Hotels & Resorts by 106.9% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 191,712 shares of the financial services provider’s stock valued at $2,005,000 after acquiring an additional 99,051 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in Park Hotels & Resorts by 14.2% during the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider’s stock worth $152,903,000 after purchasing an additional 1,813,338 shares during the period. Sivia Capital Partners LLC purchased a new stake in Park Hotels & Resorts during the 2nd quarter worth $230,000. Finally, Matthew 25 Management Corp increased its holdings in Park Hotels & Resorts by 61.1% in the 4th quarter. Matthew 25 Management Corp now owns 765,000 shares of the financial services provider’s stock valued at $8,002,000 after purchasing an additional 290,000 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PK shares. Wells Fargo & Company raised Park Hotels & Resorts to a “hold” rating in a research report on Thursday, July 23rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $14.00 target price on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Morgan Stanley increased their target price on Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. raised their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Monday, August 10th. Finally, Barclays boosted their price target on Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday. 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 stock. Based on data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and a consensus target price of $14.08.

Park Hotels & Resorts Price Performance

PK opened at $15.84 on Friday. Park Hotels & Resorts Inc. has a twelve month low of $9.84 and a twelve month high of $16.20. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -19.08, a PEG ratio of 2.04 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 has a fifty day simple moving average of $14.86 and a 200 day simple moving average of $12.73.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $680.00 million for the quarter, compared to analyst estimates of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The firm’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. Equities research analysts expect that Park Hotels & Resorts Inc. will post 1.83 EPS 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. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s payout ratio is presently -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.