Westpac Banking Corp increased its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 17.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 213,753 shares of the financial services provider’s stock after buying an additional 32,036 shares during the period. Westpac Banking Corp owned 0.10% of Park Hotels & Resorts worth $5,763,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in Park Hotels & Resorts by 3,050.7% in the 2nd quarter. Parallel Advisors LLC now owns 4,789 shares of the financial services provider’s stock worth $129,000 after buying an additional 4,637 shares during the period. Pacer Advisors Inc. boosted its holdings in Park Hotels & Resorts by 53.9% in the 2nd quarter. Pacer Advisors Inc. now owns 5,938 shares of the financial services provider’s stock worth $160,000 after buying an additional 2,080 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Park Hotels & Resorts by 148.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,962 shares of the financial services provider’s stock worth $242,000 after buying an additional 5,360 shares during the period. CIBC Asset Management Inc boosted its holdings in Park Hotels & Resorts by 7.1% in the 2nd quarter. CIBC Asset Management Inc now owns 9,416 shares of the financial services provider’s stock worth $254,000 after buying an additional 624 shares during the period. Finally, Federated Investors Inc. PA boosted its holdings in Park Hotels & Resorts by 4,029.2% in the 2nd quarter. Federated Investors Inc. PA now owns 9,745 shares of the financial services provider’s stock worth $263,000 after buying an additional 9,509 shares during the period. 97.26% of the stock is owned by institutional investors.

In related news, Director Stephen I. Sadove bought 9,600 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was purchased at an average price of $25.97 per share, for a total transaction of $249,312.00. Following the completion of the transaction, the director now owns 20,151 shares in the company, valued at $523,321.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

Shares of Park Hotels & Resorts Inc. (NYSE:PK) opened at 26.89 on Monday. Park Hotels & Resorts Inc. has a 12-month low of $24.65 and a 12-month high of $33.40. The stock’s 50 day moving average is $26.47 and its 200-day moving average is $26.46. The company has a market capitalization of $5.78 billion and a P/E ratio of 2.30.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.04. The company had revenue of $733 million for the quarter, compared to the consensus estimate of $716.51 million. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Analysts anticipate that Park Hotels & Resorts Inc. will post $12.03 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 6.40%.

Several research analysts have commented on PK shares. Zacks Investment Research raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Thursday, May 18th. Evercore ISI started coverage on shares of Park Hotels & Resorts in a report on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 price target for the company. J P Morgan Chase & Co started coverage on shares of Park Hotels & Resorts in a report on Thursday, June 15th. They issued an “overweight” rating and a $30.00 price target for the company. Cowen and Company raised their price target on shares of Park Hotels & Resorts from $61.00 to $70.00 and gave the company a “market perform” rating in a report on Tuesday, June 20th. Finally, Jefferies Group LLC raised their price target on shares of Park Hotels & Resorts from $58.00 to $69.00 and gave the company a “hold” rating in a report on Tuesday, June 20th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $34.80.

ILLEGAL ACTIVITY WARNING: This piece was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States and international copyright & trademark law. The correct version of this piece can be accessed at https://www.thecerbatgem.com/2017/09/04/westpac-banking-corp-has-5-76-million-position-in-park-hotels-resorts-inc-pk.html.

Park Hotels & Resorts 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.

Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

Receive News & Stock Ratings for Park Hotels & Resorts Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Park Hotels & Resorts Inc. and related stocks with our FREE daily email newsletter.