Point72 Asia Singapore Pte. Ltd. Buys New Shares in Park Hotels & Resorts Inc. (NYSE:PK)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 8,261 shares of the financial services provider’s stock, valued at approximately $116,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Zone Wealth Advisors LLC boosted its holdings in shares of Park Hotels & Resorts by 0.4% in the 2nd 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 last quarter. Arizona State Retirement System lifted its stake in Park Hotels & Resorts by 2.1% in the second quarter. Arizona State Retirement System now owns 58,940 shares of the financial services provider’s stock valued at $883,000 after acquiring an additional 1,232 shares during the last quarter. Bfsg LLC grew its position in shares of Park Hotels & Resorts by 8.7% in the 3rd quarter. Bfsg LLC now owns 15,440 shares of the financial services provider’s stock valued at $218,000 after acquiring an additional 1,235 shares during the period. Kendall Capital Management increased its stake in shares of Park Hotels & Resorts by 11.0% during the 2nd quarter. Kendall Capital Management now owns 15,095 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,500 shares during the last quarter. Finally, United Services Automobile Association raised its holdings in shares of Park Hotels & Resorts by 10.5% in the 2nd quarter. United Services Automobile Association now owns 15,826 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 1,509 shares during the period. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PK. UBS Group lifted their price target on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Bank of America reduced their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Wells Fargo & Company lifted their price objective on shares of Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 26th. Finally, Compass Point dropped their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Price Performance

Shares of Park Hotels & Resorts stock opened at $15.74 on Friday. The company has a 50-day simple moving average of $14.55 and a two-hundred day simple moving average of $14.72. Park Hotels & Resorts Inc. has a twelve month low of $13.23 and a twelve month high of $18.05. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 7.10 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.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. During the same quarter last year, the firm posted $0.51 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Analysts forecast that Park Hotels & Resorts Inc. will post 1.97 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently announced 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 a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 16.52%. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio is 63.69%.

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.