Ontario Teachers Pension Plan Board Has $6.16 Million Holdings in Park Hotels & Resorts Inc. $PK

Ontario Teachers Pension Plan Board lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 129.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 556,013 shares of the financial services provider’s stock after purchasing an additional 313,884 shares during the quarter. Ontario Teachers Pension Plan Board owned 0.28% of Park Hotels & Resorts worth $6,161,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Parvin Asset Management LLC acquired a new stake in Park Hotels & Resorts during the second quarter worth approximately $26,000. Bessemer Group Inc. lifted its position in shares of Park Hotels & Resorts by 359.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 2,411 shares during the period. IFP Advisors Inc lifted its position in shares of Park Hotels & Resorts by 469.0% during the 2nd quarter. IFP Advisors Inc now owns 3,465 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 2,856 shares during the period. Allworth Financial LP grew its holdings in shares of Park Hotels & Resorts by 322.4% during the 2nd quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 2,992 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of Park Hotels & Resorts by 1,288.9% in the third quarter. Parkside Financial Bank & Trust now owns 8,722 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 8,094 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Price Performance

PK stock opened at $11.44 on Thursday. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -163.36 and a beta of 1.45. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day simple moving average of $11.10 and a 200 day simple moving average of $11.05. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $13.20.

Wall Street Analyst Weigh In

PK has been the subject of a number of analyst reports. Evercore dropped their price target on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a research note on Thursday, November 20th. Zacks Research lowered shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 14th. Barclays assumed coverage on shares of Park Hotels & Resorts in a report on Tuesday, January 6th. They set an “overweight” rating and a $13.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 3rd. Finally, Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Park Hotels & Resorts currently has a consensus rating of “Reduce” and an average target price of $11.27.

Insider Activity at Park Hotels & Resorts

In other news, Director Christie B. Kelly acquired 2,949 shares of the business’s stock in a transaction that occurred on Wednesday, January 14th. The shares were bought at an average price of $11.19 per share, with a total value of $32,999.31. Following the acquisition, the director directly owned 150,501 shares in the company, valued at $1,684,106.19. The trade was a 2.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.90% of the company’s stock.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.