Park Hotels & Resorts Inc. (PK) Coverage Initiated by Analysts at J P Morgan Chase & Co
J P Morgan Chase & Co began coverage on shares of Park Hotels & Resorts Inc. (NYSE:PK) in a research report sent to investors on Thursday, June 15th, MarketBeat.com reports. The firm issued an overweight rating and a $30.00 price objective on the financial services provider’s stock.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Park Hotels & Resorts from a sell rating to a hold rating in a report on Wednesday, April 19th. Deutsche Bank AG started coverage on Park Hotels & Resorts in a report on Wednesday, April 12th. They set a hold rating and a $28.00 price target on the stock. Wells Fargo & Company began coverage on Park Hotels & Resorts in a report on Friday, February 17th. They set a market perform rating on the stock. They noted that the move was a valuation call. UBS AG began coverage on Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a neutral rating for the company. Finally, Susquehanna Bancshares Inc began coverage on Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a neutral rating and a $28.00 price objective for the company. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $34.93.
Park Hotels & Resorts (NYSE:PK) traded up 0.37% during mid-day trading on Thursday, reaching $26.83. The company’s stock had a trading volume of 1,259,356 shares. Park Hotels & Resorts has a 12-month low of $24.65 and a 12-month high of $30.74. The firm’s 50 day moving average price is $26.60 and its 200 day moving average price is $26.67. The stock has a market cap of $5.76 billion and a price-to-earnings ratio of 2.34.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.72 annualized dividend and a dividend yield of 6.41%.
In related news, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Cascade Investment Advisors Inc. increased its stake in Park Hotels & Resorts by 24.8% in the second quarter. Cascade Investment Advisors Inc. now owns 28,358 shares of the financial services provider’s stock valued at $765,000 after buying an additional 5,637 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Park Hotels & Resorts during the second quarter valued at approximately $1,690,000. Finally, Adelante Capital Management LLC bought a new stake in Park Hotels & Resorts during the first quarter valued at approximately $2,106,000. 97.03% of the stock is owned by hedge funds and other institutional investors.
Park Hotels & Resorts Company Profile
Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.
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