Park Hotels & Resorts Inc. (NYSE:PK) Shares Purchased by Private Management Group Inc.

Private Management Group Inc. raised its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 2.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,269,849 shares of the financial services provider’s stock after buying an additional 44,606 shares during the quarter. Park Hotels & Resorts makes up about 1.2% of Private Management Group Inc.’s investment portfolio, making the stock its 22nd largest holding. Private Management Group Inc. owned about 1.10% of Park Hotels & Resorts worth $31,937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in Park Hotels & Resorts in the 3rd quarter valued at about $33,000. Venturi Wealth Management LLC raised its holdings in shares of Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,841 shares during the last quarter. Claro Advisors LLC acquired a new position in shares of Park Hotels & Resorts during the third quarter worth approximately $69,000. Covestor Ltd grew its holdings in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after buying an additional 2,711 shares in the last quarter. Finally, KBC Group NV increased its position in Park Hotels & Resorts by 34.4% in the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,882 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PK shares. Bank of America reduced their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research report on Monday, October 21st. Compass Point reduced their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Finally, UBS Group lowered their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $18.45.

Park Hotels & Resorts Stock Down 0.2 %

PK stock opened at $13.08 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $2.70 billion, a PE ratio of 8.33 and a beta of 2.00. Park Hotels & Resorts Inc. has a 12 month low of $12.80 and a 12 month high of $18.05. The firm has a 50 day simple moving average of $14.45 and a 200 day simple moving average of $14.46.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 19.89%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.