Donald Smith & CO. Inc. Acquires 1,484,295 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Donald Smith & CO. Inc. lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 22.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,077,286 shares of the financial services provider’s stock after purchasing an additional 1,484,295 shares during the period. Park Hotels & Resorts accounts for about 2.7% of Donald Smith & CO. Inc.’s portfolio, making the stock its 14th biggest position. Donald Smith & CO. Inc.’s holdings in Park Hotels & Resorts were worth $113,890,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in Park Hotels & Resorts in the 1st quarter valued at about $1,156,000. State of Michigan Retirement System boosted its position in shares of Park Hotels & Resorts by 2.2% during the first quarter. State of Michigan Retirement System now owns 51,529 shares of the financial services provider’s stock valued at $901,000 after buying an additional 1,100 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Park Hotels & Resorts by 0.3% during the first quarter. Retirement Systems of Alabama now owns 263,688 shares of the financial services provider’s stock worth $4,612,000 after buying an additional 693 shares in the last quarter. BNP Paribas Financial Markets raised its position in Park Hotels & Resorts by 203.2% in the 1st quarter. BNP Paribas Financial Markets now owns 506,484 shares of the financial services provider’s stock valued at $8,858,000 after buying an additional 339,452 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Park Hotels & Resorts by 54.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,621 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 5,479 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Trading Up 2.6 %

Shares of Park Hotels & Resorts stock traded up $0.37 during trading on Wednesday, reaching $14.42. 1,652,929 shares of the stock were exchanged, compared to its average volume of 2,713,974. Park Hotels & Resorts Inc. has a 1 year low of $11.23 and a 1 year high of $18.05. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 9.76, a price-to-earnings-growth ratio of 0.72 and a beta of 2.02. 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 stock’s fifty day moving average is $14.44 and its 200 day moving average is $14.96.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.30). Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. The business had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $694.94 million. As a group, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PK has been the subject of several recent analyst reports. Truist Financial reduced their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Wolfe Research downgraded shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Wells Fargo & Company dropped their price target on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Evercore ISI reduced their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Finally, StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.36.

About Park Hotels & Resorts

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.