Quantbot Technologies LP Buys Shares of 52,320 Park Hotels & Resorts Inc. $PK

Quantbot Technologies LP bought a new position in Park Hotels & Resorts Inc. (NYSE:PK) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 52,320 shares of the financial services provider’s stock, valued at approximately $746,000.

Several other hedge funds have also recently modified their holdings of PK. BlackRock Inc. bought a new position in shares of Park Hotels & Resorts during the second quarter valued at $444,311,000. Donald Smith & CO. Inc. purchased a new position in Park Hotels & Resorts in the 2nd quarter worth about $207,120,000. Sculptor Capital LP raised its position in Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock worth $66,844,000 after buying an additional 3,962,304 shares during the last quarter. AQR Capital Management LLC lifted its stake in Park Hotels & Resorts by 76.7% during the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after acquiring an additional 3,361,382 shares during the period. Finally, Bank of America Corp DE lifted its stake in Park Hotels & Resorts by 34.6% during the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock valued at $131,666,000 after acquiring an additional 3,309,275 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

NYSE PK opened at $15.92 on Thursday. The company has a 50-day moving average price of $14.82 and a 200-day moving average price of $12.68. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $16.20. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $3.21 billion, a P/E ratio of -19.18, a PEG ratio of 2.14 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. During the same quarter last year, the firm posted $0.64 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -120.48%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PK shares. JPMorgan Chase & Co. lifted their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Monday, August 10th. Truist Financial increased their price objective on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. BMO Capital Markets restated a “market perform” rating and issued a $14.00 target price on shares of Park Hotels & Resorts in a report on Friday, June 12th. Wells Fargo & Company raised shares of Park Hotels & Resorts to a “hold” rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley increased their price target on Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Park Hotels & Resorts presently has an average rating of “Hold” and a consensus target price of $13.92.

About Park Hotels & Resorts

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.