Cerity Partners LLC Purchases 48,308 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Cerity Partners LLC grew its position in Park Hotels & Resorts Inc. (NYSE:PK) by 47.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 150,971 shares of the financial services provider’s stock after buying an additional 48,308 shares during the quarter. Cerity Partners LLC owned 0.07% of Park Hotels & Resorts worth $2,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PK. Harbor Capital Advisors Inc. purchased a new position in shares of Park Hotels & Resorts in the 3rd quarter valued at $33,000. Venturi Wealth Management LLC increased its position 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 worth $54,000 after purchasing an additional 2,841 shares in the last quarter. Quarry LP lifted its holdings in shares of Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts during the 3rd quarter worth $69,000. Finally, Covestor Ltd grew its stake in Park Hotels & Resorts by 64.8% during 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 during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Down 0.1 %

Park Hotels & Resorts stock opened at $15.55 on Monday. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05. The stock has a market capitalization of $3.21 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 6.99 and a beta of 2.02. 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 business has a 50 day simple moving average of $14.49 and a 200-day simple moving average of $14.72.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The company had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. Park Hotels & Resorts’s revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. On average, analysts anticipate that Park Hotels & Resorts Inc. will post 1.97 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 16.72%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is 63.69%.

Analysts Set New Price Targets

Several brokerages recently commented on PK. Bank of America decreased their price objective on shares of 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. UBS Group boosted their price objective on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Wells Fargo & Company increased their price target on shares of Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 26th. Finally, Evercore ISI decreased their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.23.

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.