Franklin Resources Inc. Increases Position in Park Hotels & Resorts Inc. (NYSE:PK)

Franklin Resources Inc. lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 43.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 687,580 shares of the financial services provider’s stock after acquiring an additional 208,877 shares during the quarter. Franklin Resources Inc. owned 0.33% of Park Hotels & Resorts worth $9,936,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PK. Harbor Capital Advisors Inc. bought a new stake in Park Hotels & Resorts in the third quarter worth about $33,000. Venturi Wealth Management LLC lifted its stake in Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,841 shares during the last quarter. Quarry LP lifted its stake in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new stake in Park Hotels & Resorts in the third quarter worth $69,000. Finally, Covestor Ltd raised its stake in shares of Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after buying an additional 2,711 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Truist Financial cut 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 report on Wednesday, September 4th. Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Bank of America cut their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, Compass Point lowered their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.55.

Park Hotels & Resorts Price Performance

Park Hotels & Resorts stock opened at $14.85 on Friday. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 9.46, a PEG ratio of 6.90 and a beta of 2.03. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The business has a 50-day simple moving average of $14.77 and a 200 day simple moving average of $14.66. Park Hotels & Resorts Inc. has a 52 week low of $13.23 and a 52 week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. On average, research analysts forecast that Park Hotels & Resorts Inc. will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 dividend on an annualized basis and a dividend yield of 17.51%. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s payout ratio is currently 63.69%.

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.