Renaissance Technologies LLC Has $11.33 Million Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Renaissance Technologies LLC boosted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 31.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 756,352 shares of the financial services provider’s stock after purchasing an additional 180,500 shares during the period. Renaissance Technologies LLC owned 0.36% of Park Hotels & Resorts worth $11,330,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PK. Norges Bank acquired a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at $31,745,000. Jupiter Asset Management Ltd. increased its stake in shares of Park Hotels & Resorts by 286.9% in 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 period. Los Angeles Capital Management LLC increased its stake in shares of Park Hotels & Resorts by 601.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock valued at $36,921,000 after buying an additional 1,809,886 shares during the period. SG Americas Securities LLC increased its stake in shares of Park Hotels & Resorts by 15,714.0% in the 1st quarter. SG Americas Securities LLC now owns 1,301,019 shares of the financial services provider’s stock valued at $22,755,000 after buying an additional 1,292,792 shares during the period. Finally, Epoch Investment Partners Inc. boosted its position in shares of Park Hotels & Resorts by 135.7% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock worth $24,344,000 after purchasing an additional 801,372 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

PK opened at $15.27 on Tuesday. The business’s 50-day moving average price is $14.57 and its two-hundred day moving average price is $15.53. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 34.70, a P/E/G ratio of 0.68 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58.

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

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.55%. The ex-dividend date of this dividend is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio is currently 227.27%.

Analyst Ratings Changes

PK has been the topic of several recent research reports. Truist Financial reduced their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Evercore ISI reduced their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. UBS Group reduced their target price on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Wells Fargo & Company reduced their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Finally, Wedbush reiterated a “neutral” rating and set a $17.00 target price on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.96.

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.