Wells Fargo & Company MN Has $18.25 Million Stake in Park Hotels & Resorts Inc. (PK)
Wells Fargo & Company MN lifted its position in Park Hotels & Resorts Inc. (NYSE:PK) by 627.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 662,204 shares of the financial services provider’s stock after purchasing an additional 571,136 shares during the period. Wells Fargo & Company MN owned about 0.31% of Park Hotels & Resorts worth $18,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in PK. Parallel Advisors LLC lifted its position in Park Hotels & Resorts by 3,050.7% during the second quarter. Parallel Advisors LLC now owns 4,789 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 4,637 shares during the last quarter. Pacer Advisors Inc. lifted its position in Park Hotels & Resorts by 53.9% during the second quarter. Pacer Advisors Inc. now owns 5,938 shares of the financial services provider’s stock valued at $160,000 after purchasing an additional 2,080 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Park Hotels & Resorts during the third quarter valued at $179,000. QS Investors LLC lifted its position in Park Hotels & Resorts by 0.3% during the second quarter. QS Investors LLC now owns 7,535 shares of the financial services provider’s stock valued at $203,000 after purchasing an additional 22 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Park Hotels & Resorts by 148.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,962 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 5,360 shares during the last quarter. 99.13% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have commented on the stock. Evercore ISI upgraded shares of Park Hotels & Resorts from an “in-line” rating to an “outperform” rating in a research report on Monday, December 4th. Nomura increased their target price on shares of Park Hotels & Resorts from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, November 6th. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of Park Hotels & Resorts in a research note on Monday, November 6th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $34.87.
Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Park Hotels & Resorts had a net margin of 93.04% and a return on equity of 46.66%. The business had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $676.76 million. During the same period last year, the business earned $0.66 EPS. The company’s revenue was up 2.5% compared to the same quarter last year. analysts expect that Park Hotels & Resorts Inc. will post 2.74 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 29th will be paid a $0.55 dividend. The ex-dividend date is Thursday, December 28th. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.43. This represents a $2.20 dividend on an annualized basis and a yield of 7.61%.
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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.
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