Wedmont Private Capital Acquires 1,990 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Wedmont Private Capital grew its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 17.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 13,408 shares of the financial services provider’s stock after buying an additional 1,990 shares during the period. Wedmont Private Capital’s holdings in Park Hotels & Resorts were worth $196,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Retirement Systems of Alabama grew its stake in Park Hotels & Resorts by 0.3% in the first quarter. Retirement Systems of Alabama now owns 263,688 shares of the financial services provider’s stock worth $4,612,000 after purchasing an additional 693 shares in the last quarter. Signaturefd LLC increased its position in Park Hotels & Resorts by 12.7% during the 4th quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 727 shares during the period. Truist Financial Corp boosted its stake in shares of Park Hotels & Resorts by 3.8% during the fourth quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider’s stock valued at $342,000 after purchasing an additional 816 shares in the last quarter. Blue Zone Wealth Advisors LLC increased its holdings in Park Hotels & Resorts by 0.4% during the second quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock valued at $3,786,000 after buying an additional 883 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in Park Hotels & Resorts by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 94,701 shares of the financial services provider’s stock valued at $1,449,000 after buying an additional 920 shares during the period. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Up 0.9 %

Shares of NYSE PK opened at $13.92 on Wednesday. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. The company’s 50-day simple moving average is $14.67 and its 200-day simple moving average is $15.77. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 31.64, a price-to-earnings-growth ratio of 0.67 and a beta of 2.03.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 7.18%. The ex-dividend date of this dividend is Monday, September 30th. Park Hotels & Resorts’s payout ratio is 227.27%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PK. Barclays increased their target price on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Evercore ISI dropped their target price on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday. Truist Financial lowered their price objective on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Finally, Wedbush reissued a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.75.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.