Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) by 6.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,048 shares of the financial services provider’s stock after buying an additional 6,317 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Park Hotels & Resorts were worth $1,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State of New Jersey Common Pension Fund D increased its holdings in shares of Park Hotels & Resorts by 20.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 164,784 shares of the financial services provider’s stock worth $1,855,000 after buying an additional 27,686 shares during the last quarter. Strs Ohio increased its holdings in Park Hotels & Resorts by 27.9% in the 3rd quarter. Strs Ohio now owns 1,223,823 shares of the financial services provider’s stock valued at $13,780,000 after purchasing an additional 266,594 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Park Hotels & Resorts by 1,002.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 61,325 shares of the financial services provider’s stock valued at $690,000 after purchasing an additional 55,760 shares during the last quarter. Mirabella Financial Services LLP increased its holdings in Park Hotels & Resorts by 28.6% in the 3rd quarter. Mirabella Financial Services LLP now owns 23,367 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 5,194 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new stake in Park Hotels & Resorts in the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 89.42% of the company’s stock.
Insider Activity at Park Hotels & Resorts
In related news, Director Geoffrey Garrett sold 3,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 33,604 shares of the company’s stock, valued at $398,543.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.09% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Park Hotels & Resorts Price Performance
Park Hotels & Resorts stock opened at $12.91 on Friday. The stock has a market cap of $2.90 billion, a P/E ratio of 44.52 and a beta of 1.89. The company has a fifty day simple moving average of $12.15 and a 200-day simple moving average of $13.10. Park Hotels & Resorts Inc. has a 12-month low of $10.92 and a 12-month high of $20.58. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 1.08.
Park Hotels & Resorts (NYSE:PK – Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.23). The firm had revenue of $662.00 million for the quarter, compared to analysts’ expectations of $651.62 million. Park Hotels & Resorts had a return on equity of 1.41% and a net margin of 2.67%. Equities analysts expect that Park Hotels & Resorts Inc. will post 1.43 EPS for the current fiscal year.
Park Hotels & Resorts Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 17th. Investors of record on Friday, December 30th were given a $0.25 dividend. The ex-dividend date was Thursday, December 29th. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.01. This represents a $1.00 dividend on an annualized basis and a yield of 7.75%. Park Hotels & Resorts’s payout ratio is 344.83%.
Park Hotels & Resorts Company Profile
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.
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