Private Management Group Inc. raised its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 11.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,225,243 shares of the financial services provider's stock after purchasing an additional 223,562 shares during the period. Park Hotels & Resorts accounts for approximately 1.1% of Private Management Group Inc.'s investment portfolio, making the stock its 29th biggest position. Private Management Group Inc. owned approximately 1.07% of Park Hotels & Resorts worth $31,376,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new position in shares of Park Hotels & Resorts in the first quarter valued at approximately $1,156,000. State of Michigan Retirement System boosted its holdings in Park Hotels & Resorts by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 51,529 shares of the financial services provider's stock valued at $901,000 after purchasing an additional 1,100 shares during the period. Retirement Systems of Alabama raised its holdings in shares of Park Hotels & Resorts by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 263,688 shares of the financial services provider's stock valued at $4,612,000 after acquiring an additional 693 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Park Hotels & Resorts by 203.2% in the 1st quarter. BNP Paribas Financial Markets now owns 506,484 shares of the financial services provider's stock worth $8,858,000 after buying an additional 339,452 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Park Hotels & Resorts by 54.0% in the first quarter. Janney Montgomery Scott LLC now owns 15,621 shares of the financial services provider's stock valued at $273,000 after acquiring an additional 5,479 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have commented on PK. Evercore ISI decreased their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 13th. Compass Point lowered their target price 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. Bank of America decreased their target price on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating for the company in a report on Monday, October 21st. Wells Fargo & Company reduced their price target on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an "equal weight" rating for the company in a research note on Friday, September 13th. Finally, Truist Financial cut their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, September 4th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of "Hold" and a consensus price target of $17.58.
Get Our Latest Stock Analysis on Park Hotels & Resorts
PK stock traded down $0.05 during mid-day trading on Friday, hitting $13.84. 2,798,088 shares of the company were exchanged, compared to its average volume of 2,741,646. The firm has a market capitalization of $2.89 billion, a P/E ratio of 8.82, a PEG ratio of 0.73 and a beta of 2.02. The company has a quick ratio of 1.58, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 12-month low of $12.09 and a 12-month high of $18.05. The business has a fifty day simple moving average of $14.38 and a 200-day simple moving average of $14.92.
Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company had revenue of $649.00 million during the quarter, compared to analysts' expectations of $646.15 million. During the same quarter in the previous year, the business posted $0.51 EPS. The business's quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts predict that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.
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.
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