Panagora Asset Management Inc. trimmed its position in shares of Park Hotels & Resorts Inc (NYSE:PK) by 14.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,228 shares of the financial services provider’s stock after selling 21,286 shares during the period. Panagora Asset Management Inc. owned approximately 0.06% of Park Hotels & Resorts worth $4,110,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in PK. Envestnet Asset Management Inc. lifted its stake in Park Hotels & Resorts by 94.6% during the second quarter. Envestnet Asset Management Inc. now owns 5,371 shares of the financial services provider’s stock worth $165,000 after purchasing an additional 2,611 shares in the last quarter. Abacus Planning Group Inc. purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth $208,000. First Republic Investment Management Inc. purchased a new stake in shares of Park Hotels & Resorts during the second quarter worth $213,000. First Hawaiian Bank purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth $250,000. Finally, Globeflex Capital L P purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth $252,000.
A number of analysts have recently weighed in on PK shares. Zacks Investment Research lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, November 9th. Wells Fargo & Co cut their price objective on Park Hotels & Resorts from $32.00 to $29.00 and set a “market perform” rating on the stock in a research report on Friday, November 16th. Nomura upped their price objective on Park Hotels & Resorts from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, November 2nd. Deutsche Bank set a $32.00 price objective on Park Hotels & Resorts and gave the stock a “hold” rating in a research report on Saturday, November 3rd. Finally, Evercore ISI lowered Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research report on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Park Hotels & Resorts has an average rating of “Hold” and an average target price of $31.72.
Park Hotels & Resorts stock opened at $30.16 on Friday. Park Hotels & Resorts Inc has a twelve month low of $23.91 and a twelve month high of $34.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55. The firm has a market cap of $6.17 billion, a PE ratio of 10.54, a P/E/G ratio of 2.24 and a beta of 0.99.
Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Thursday, November 1st. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.38). The company had revenue of $652.00 million for the quarter, compared to analysts’ expectations of $656.61 million. Park Hotels & Resorts had a return on equity of 8.27% and a net margin of 17.46%. The firm’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. Analysts predict that Park Hotels & Resorts Inc will post 2.84 EPS for the current year.
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Park Hotels & Resorts Profile
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.
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