Northwestern Mutual Wealth Management Co. Acquires 84,544 Shares of Park Hotels & Resorts Inc. $PK

Northwestern Mutual Wealth Management Co. increased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 227.7% during the second quarter, Holdings Channel.com reports. The firm owned 121,666 shares of the financial services provider’s stock after buying an additional 84,544 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Park Hotels & Resorts were worth $1,734,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Park Hotels & Resorts by 15,514.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,260,215 shares of the financial services provider’s stock worth $17,958,000 after buying an additional 1,252,144 shares in the last quarter. Nissay Asset Management Corp Japan boosted its position in Park Hotels & Resorts by 3.7% during the 2nd quarter. Nissay Asset Management Corp Japan now owns 32,684 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 1,177 shares in the last quarter. Chapin Davis Inc. boosted its position in Park Hotels & Resorts by 12.3% during the 2nd quarter. Chapin Davis Inc. now owns 13,200 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 1,450 shares in the last quarter. United Capital Financial Advisors LLC purchased a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at $368,000. Finally, Caitlin John LLC purchased a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at $416,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PK. Morgan Stanley upped their price objective on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a “hold” rating in a report on Thursday, July 23rd. Cantor Fitzgerald increased their price objective on Park Hotels & Resorts from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. LADENBURG THALM/SH SH increased their price objective on shares of Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a research note on Friday, August 14th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.42.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $15.27 on Friday. Park Hotels & Resorts Inc. has a 52-week low of $9.84 and a 52-week high of $16.20. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The stock has a market cap of $3.07 billion, a PE ratio of -18.40, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33. The business has a 50-day simple moving average of $14.94 and a 200-day simple moving average of $12.86.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share 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 company had revenue of $680.00 million during the quarter, compared to analysts’ expectations of $659.68 million. During the same period last year, the business earned $0.64 earnings per share. Park Hotels & Resorts’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities analysts expect that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid 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 6.5%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -120.48%.

About Park Hotels & Resorts

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.