State of New Jersey Common Pension Fund D Increases Stake in Park Hotels & Resorts Inc. (NYSE:PK)

State of New Jersey Common Pension Fund D raised its position in Park Hotels & Resorts Inc. (NYSE:PKGet Rating) by 20.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 164,784 shares of the financial services provider’s stock after purchasing an additional 27,686 shares during the period. State of New Jersey Common Pension Fund D owned 0.07% of Park Hotels & Resorts worth $1,855,000 as of its most recent filing with the Securities and Exchange Commission.

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

Park Hotels & Resorts Stock Up 4.0 %

Shares of Park Hotels & Resorts stock opened at $12.91 on Friday. The company 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 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 fifty day moving average of $12.15 and a two-hundred day moving average of $13.10.

Park Hotels & Resorts (NYSE:PKGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The financial services provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates 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%. On average, analysts forecast that Park Hotels & Resorts Inc. will post 1.43 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th were given a dividend of $0.25 per share. 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 7.75%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.01. Park Hotels & Resorts’s dividend payout ratio is presently 344.83%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PK shares. TheStreet downgraded shares of Park Hotels & Resorts from a “c-” rating to a “d+” rating in a research report on Wednesday, November 23rd. Truist Financial lowered their target price on shares of Park Hotels & Resorts to $20.00 in a report on Wednesday, November 16th. Barclays lowered their target price on shares of Park Hotels & Resorts from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, January 10th. StockNews.com started coverage on shares of Park Hotels & Resorts in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Morgan Stanley lowered their target price on shares of Park Hotels & Resorts from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.41.

Insiders Place Their Bets

In other news, Director Geoffrey Garrett sold 3,000 shares of the stock in a transaction dated 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 approximately $398,543.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.09% of the stock is owned by insiders.

Park Hotels & Resorts Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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