Arizona State Retirement System Has $883,000 Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Arizona State Retirement System raised its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 58,940 shares of the financial services provider’s stock after purchasing an additional 1,232 shares during the period. Arizona State Retirement System’s holdings in Park Hotels & Resorts were worth $883,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Retirement Systems of Alabama grew its holdings in Park Hotels & Resorts by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 263,688 shares of the financial services provider’s stock worth $4,612,000 after acquiring an additional 693 shares during the period. Truist Financial Corp grew its position in shares of Park Hotels & Resorts by 3.8% during the 4th quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider’s stock worth $342,000 after buying an additional 816 shares during the period. Blue Zone Wealth Advisors LLC increased its stake in shares of Park Hotels & Resorts by 0.4% in the 2nd quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock valued at $3,786,000 after acquiring an additional 883 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Park Hotels & Resorts by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 94,701 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 920 shares in the last quarter. Finally, State of Michigan Retirement System increased its position 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 buying an additional 1,100 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

PK has been the topic of a number of analyst reports. UBS Group cut their price objective on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Wedbush reaffirmed a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Evercore ISI lowered their target price on shares of 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. 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 report on Friday. Finally, Barclays upped their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.96.

Park Hotels & Resorts Stock Up 1.9 %

PK stock opened at $14.04 on Friday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 31.91, a P/E/G ratio of 0.66 and a beta of 2.02. The business’s 50-day moving average is $14.51 and its two-hundred day moving average is $15.63. Park Hotels & Resorts Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The firm had revenue of $686.00 million for the quarter, compared to the consensus estimate of $694.94 million. Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. As a group, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.12%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.28%.

Park Hotels & Resorts Profile

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.