JPMorgan Chase & Co. Has $49.18 Million Stake in Park Hotels & Resorts Inc. (NYSE:PK)

JPMorgan Chase & Co. raised its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 18.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,488,097 shares of the financial services provider’s stock after purchasing an additional 540,920 shares during the quarter. JPMorgan Chase & Co. owned 1.69% of Park Hotels & Resorts worth $49,182,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in Park Hotels & Resorts by 287.7% in the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after purchasing an additional 3,897,889 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of Park Hotels & Resorts by 286.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after buying an additional 1,925,850 shares during the last quarter. Donald Smith & CO. Inc. grew its stake in shares of Park Hotels & Resorts by 22.5% in the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock valued at $113,890,000 after buying an additional 1,484,295 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Park Hotels & Resorts by 321.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,409,574 shares of the financial services provider’s stock worth $19,875,000 after buying an additional 1,075,255 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Park Hotels & Resorts by 345.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after acquiring an additional 802,939 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PK. Wells Fargo & Company upped their price objective on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Bank of America reduced their target price on 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 lowered their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Jefferies Financial Group reduced their price objective on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Moderate Buy” and an average target price of $18.65.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $14.19 on Friday. Park Hotels & Resorts Inc. has a one year low of $13.23 and a one year high of $18.05. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. The business has a fifty day simple moving average of $14.87 and a 200 day simple moving average of $14.63. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 6.90 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business 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%. Park Hotels & Resorts’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.65 dividend. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 annualized dividend and a yield of 18.32%. Park Hotels & Resorts’s payout ratio is currently 63.69%.

Park Hotels & Resorts Company 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.