Charles Schwab Investment Management Inc. Acquires 66,093 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Charles Schwab Investment Management Inc. lifted its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 2.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,902,728 shares of the financial services provider’s stock after acquiring an additional 66,093 shares during the period. Charles Schwab Investment Management Inc. owned 1.41% of Park Hotels & Resorts worth $40,928,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $33,000. Venturi Wealth Management LLC increased its stake in Park Hotels & Resorts by 281.6% in 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 during the period. Quarry LP lifted its position in shares of Park Hotels & Resorts by 82.1% during the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter valued at $69,000. Finally, Covestor Ltd grew its holdings in shares of Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 2,711 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

PK has been the subject of several research reports. Truist Financial lowered their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Wolfe Research cut shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Bank of America reduced their price target 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. Compass Point dropped their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, Evercore ISI reduced their price objective on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Trading Down 1.1 %

NYSE PK opened at $15.39 on Tuesday. Park Hotels & Resorts Inc. has a 1 year low of $13.23 and a 1 year high of $18.05. 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 company has a market capitalization of $3.18 billion, a PE ratio of 9.80, a P/E/G ratio of 6.99 and a beta of 2.02. The company has a fifty day moving average of $14.49 and a 200 day moving average of $14.71.

Park Hotels & Resorts (NYSE:PK) last released 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 firm had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.51 EPS. Research analysts forecast that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 16.90%. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio is presently 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.