Janney Montgomery Scott LLC Takes Position in Park Hotels & Resorts Inc. (NYSE:PK)

Janney Montgomery Scott LLC bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 66,058 shares of the financial services provider’s stock, valued at approximately $744,000.

Other hedge funds have also modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Park Hotels & Resorts in the second quarter valued at about $45,000. Lindbrook Capital LLC raised its position in shares of Park Hotels & Resorts by 143.9% in the second quarter. Lindbrook Capital LLC now owns 3,410 shares of the financial services provider’s stock valued at $46,000 after buying an additional 2,012 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Park Hotels & Resorts by 851.0% in the second quarter. Lazard Asset Management LLC now owns 4,080 shares of the financial services provider’s stock valued at $55,000 after buying an additional 3,651 shares during the last quarter. UMB Bank n.a. raised its position in shares of Park Hotels & Resorts by 2,821.3% in the third quarter. UMB Bank n.a. now owns 7,274 shares of the financial services provider’s stock valued at $82,000 after buying an additional 7,025 shares during the last quarter. Finally, Captrust Financial Advisors acquired a new stake in shares of Park Hotels & Resorts in the second quarter valued at about $104,000. 89.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Geoffrey Garrett sold 3,000 shares of Park Hotels & Resorts stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $11.86, for a total value of $35,580.00. Following the completion of the transaction, the director now owns 33,604 shares in the company, valued at $398,543.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.09% of the stock is owned by insiders.

Park Hotels & Resorts Trading Down 0.2 %

NYSE PK opened at $12.41 on Friday. The firm has a 50 day simple moving average of $12.15 and a 200-day simple moving average of $13.10. The company has a debt-to-equity ratio of 1.08, a quick ratio of 3.24 and a current ratio of 3.24. Park Hotels & Resorts Inc. has a one year low of $10.92 and a one year high of $20.58. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 42.79 and a beta of 1.89.

Park Hotels & Resorts (NYSE:PK – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.23). Park Hotels & Resorts had a net margin of 2.67% and a return on equity of 1.41%. The business had revenue of $662.00 million during the quarter, compared to analysts’ expectations of $651.62 million. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 1.43 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Investors of record on Friday, December 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $1.00 dividend on an annualized basis and a yield of 8.06%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.01. Park Hotels & Resorts’s payout ratio is currently 344.83%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Park Hotels & Resorts from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, October 25th. Morgan Stanley cut their price objective on shares of Park Hotels & Resorts from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday. StockNews.com assumed coverage on shares of Park Hotels & Resorts in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Compass Point cut their price objective on shares of Park Hotels & Resorts to $25.00 in a research report on Tuesday, November 15th. Finally, Barclays cut their price objective on shares of Park Hotels & Resorts from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 10th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $18.41.

Park Hotels & Resorts Profile

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Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.