Raymond James Financial Inc. Acquires Shares of 62,068 Park Hotels & Resorts Inc. (NYSE:PK)

Raymond James Financial Inc. bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 62,068 shares of the financial services provider’s stock, valued at approximately $873,000.

Several other institutional investors have also recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its holdings in Park Hotels & Resorts by 42.2% in the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 2,373 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Park Hotels & Resorts in the 3rd quarter valued at $116,000. Plato Investment Management Ltd acquired a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $141,000. KBC Group NV raised its stake in Park Hotels & Resorts by 36.2% during the fourth quarter. KBC Group NV now owns 10,023 shares of the financial services provider’s stock worth $141,000 after buying an additional 2,663 shares during the last quarter. Finally, Merit Financial Group LLC bought a new position in Park Hotels & Resorts during the fourth quarter worth $146,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 3.3 %

PK opened at $9.40 on Friday. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 9.31, a PEG ratio of 1.51 and a beta of 1.73. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The firm has a 50 day moving average price of $12.14 and a 200-day moving average price of $13.71. Park Hotels & Resorts Inc. has a twelve month low of $8.73 and a twelve month high of $17.87.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $625.00 million during the quarter, compared to the consensus estimate of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 10.64%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s payout ratio is presently 99.01%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PK shares. Wells Fargo & Company dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. Truist Financial cut their target price on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Jefferies Financial Group cut their price objective on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Finally, UBS Group reduced their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.72.

Park Hotels & Resorts Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.