Convergence Investment Partners LLC grew its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 63.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,082 shares of the financial services provider’s stock after purchasing an additional 23,294 shares during the period. Convergence Investment Partners LLC’s holdings in Park Hotels & Resorts were worth $1,656,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PK. Wells Fargo & Company MN raised its stake in shares of Park Hotels & Resorts by 61.5% in the second quarter. Wells Fargo & Company MN now owns 91,068 shares of the financial services provider’s stock valued at $2,455,000 after acquiring an additional 34,672 shares in the last quarter. Sentry Investments Corp. acquired a new stake in shares of Park Hotels & Resorts in the second quarter valued at $11,210,000. Prudential Financial Inc. raised its stake in shares of Park Hotels & Resorts by 135.5% in the second quarter. Prudential Financial Inc. now owns 3,296,991 shares of the financial services provider’s stock valued at $88,886,000 after acquiring an additional 1,896,731 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Park Hotels & Resorts by 30.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 146,458 shares of the financial services provider’s stock valued at $3,949,000 after acquiring an additional 34,503 shares in the last quarter. Finally, Westpac Banking Corp raised its stake in shares of Park Hotels & Resorts by 17.6% in the second quarter. Westpac Banking Corp now owns 213,753 shares of the financial services provider’s stock valued at $5,763,000 after acquiring an additional 32,036 shares in the last quarter. Institutional investors own 99.14% of the company’s stock.

Park Hotels & Resorts Inc. (NYSE:PK) traded up $0.06 during trading on Wednesday, reaching $28.80. The company’s stock had a trading volume of 1,279,900 shares, compared to its average volume of 1,984,679. Park Hotels & Resorts Inc. has a one year low of $24.65 and a one year high of $33.40. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.26.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.01. Park Hotels & Resorts had a return on equity of 46.66% and a net margin of 93.04%. The company had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $676.76 million. During the same period last year, the firm earned $0.66 earnings per share. Park Hotels & Resorts’s quarterly revenue was up 2.5% on a year-over-year basis. analysts anticipate that Park Hotels & Resorts Inc. will post 2.74 earnings per share for the current fiscal year.

Several brokerages have recently issued reports on PK. Zacks Investment Research upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research note on Tuesday, August 8th. Nomura increased their price objective on Park Hotels & Resorts from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, November 6th. Evercore ISI upgraded Park Hotels & Resorts from an “in-line” rating to an “outperform” rating in a research note on Monday. Finally, Boenning Scattergood set a $29.00 price objective on Park Hotels & Resorts and gave the company a “buy” rating in a research note on Wednesday, October 18th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $34.87.

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About Park Hotels & Resorts

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)

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