Rush Island Management LP cut its position in shares of Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) by 33.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,120,583 shares of the financial services provider's stock after selling 575,402 shares during the quarter. Park Hotels & Resorts accounts for 4.5% of Rush Island Management LP's portfolio, making the stock its 10th largest position. Rush Island Management LP's holdings in Park Hotels & Resorts were worth $21,885,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP lifted its position in shares of Park Hotels & Resorts by 1.5% in the first quarter. First Trust Advisors LP now owns 47,964 shares of the financial services provider's stock worth $937,000 after purchasing an additional 686 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Park Hotels & Resorts by 166.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,518 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 948 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in Park Hotels & Resorts by 54.9% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,883 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 1,022 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Park Hotels & Resorts by 1.8% during the first quarter. Louisiana State Employees Retirement System now owns 61,900 shares of the financial services provider's stock valued at $1,226,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in Park Hotels & Resorts by 3.9% during the first quarter. Federated Hermes Inc. now owns 30,799 shares of the financial services provider's stock valued at $602,000 after acquiring an additional 1,147 shares in the last quarter. 91.73% of the stock is owned by hedge funds and other institutional investors.
Get Park Hotels & Resorts alerts:Park Hotels & Resorts Stock Performance
NYSE PK traded down $0.48 during trading on Tuesday, hitting $14.41. The stock had a trading volume of 87,278 shares, compared to its average volume of 2,444,125. Park Hotels & Resorts Inc. has a 12 month low of $12.90 and a 12 month high of $21.62. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.09. The company's 50-day moving average price is $14.67 and its two-hundred day moving average price is $16.73.
Park Hotels & Resorts (NYSE:PK – Get Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.19. Park Hotels & Resorts had a negative return on equity of 1.38% and a negative net margin of 2.93%. The company had revenue of $695.00 million for the quarter, compared to analysts' expectations of $661.19 million. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 1.49 EPS for the current year.Park Hotels & Resorts Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date is Thursday, September 29th. Park Hotels & Resorts's dividend payout ratio (DPR) is presently -18.18%.
Analysts Set New Price Targets
PK has been the topic of several analyst reports. Barclays lowered their price target on Park Hotels & Resorts from $22.00 to $18.00 and set an "equal weight" rating on the stock in a report on Thursday, July 7th. UBS Group cut their price target on Park Hotels & Resorts to $15.00 in a report on Tuesday, September 6th. BMO Capital Markets cut Park Hotels & Resorts from an "outperform" rating to a "market perform" rating and cut their price target for the company from $21.00 to $18.00 in a report on Tuesday, August 16th. Wells Fargo & Company raised Park Hotels & Resorts from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $20.00 to $17.00 in a report on Monday, August 29th. Finally, Sumitomo Mitsui Financial Group cut Park Hotels & Resorts from an "outperform" rating to a "neutral" rating and set a $16.00 price target for the company. in a report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $19.79.
Park Hotels & Resorts Profile
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Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.
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