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Sumitomo Mitsui DS Asset Management Company Ltd Has $390,000 Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Defense World ·  09/26/2022 16:41

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) by 11.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,776 shares of the financial services provider's stock after acquiring an additional 3,043 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Park Hotels & Resorts were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. First Trust Advisors LP grew its holdings in Park Hotels & Resorts by 1.5% during 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 during the period. Rockefeller Capital Management L.P. grew its holdings 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 worth $28,000 after purchasing an additional 948 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings 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 worth $57,000 after purchasing an additional 1,022 shares during the period. Louisiana State Employees Retirement System grew its holdings 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 worth $1,226,000 after purchasing an additional 1,100 shares during the period. Finally, Federated Hermes Inc. grew its holdings 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 worth $602,000 after purchasing an additional 1,147 shares during the period. Institutional investors own 91.73% of the company's stock.

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Analysts Set New Price Targets

A number of equities analysts recently commented on the company. 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. Truist Financial upgraded Park Hotels & Resorts from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $19.00 to $22.00 in a report on Wednesday, June 1st. Barclays reduced their price objective on Park Hotels & Resorts from $22.00 to $18.00 and set an "equal weight" rating for the company in a report on Thursday, July 7th. BMO Capital Markets cut Park Hotels & Resorts from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $21.00 to $18.00 in a report on Tuesday, August 16th. Finally, StockNews.com upgraded Park Hotels & Resorts from a "sell" rating to a "hold" rating in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of "Hold" and an average target price of $19.79.

Park Hotels & Resorts Trading Down 3.3 %

Shares of PK stock opened at $11.90 on Monday. 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 stock has a market cap of $2.78 billion, a P/E ratio of -54.09 and a beta of 1.94. The stock has a 50 day simple moving average of $14.63 and a 200 day simple moving average of $16.43. Park Hotels & Resorts Inc. has a 1 year low of $11.60 and a 1 year high of $21.62.

Park Hotels & Resorts (NYSE:PK – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.19. The business had revenue of $695.00 million during the quarter, compared to analysts' expectations of $661.19 million. Park Hotels & Resorts had a negative return on equity of 1.38% and a negative net margin of 2.93%. On average, research analysts predict that Park Hotels & Resorts Inc. will post 1.49 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a dividend of $0.01 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.04 annualized dividend and a yield of 0.34%. Park Hotels & Resorts's dividend payout ratio is currently -18.18%.

About Park Hotels & Resorts

(Get Rating)

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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