International Assets Investment Management LLC Buys 28,214 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

International Assets Investment Management LLC boosted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 1,826.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,759 shares of the financial services provider’s stock after purchasing an additional 28,214 shares during the quarter. International Assets Investment Management LLC’s holdings in Park Hotels & Resorts were worth $455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new stake in Park Hotels & Resorts during the fourth quarter valued at about $42,000. Spire Wealth Management grew its stake in shares of Park Hotels & Resorts by 20.1% during the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 860 shares during the last quarter. Covestor Ltd grew its stake in shares of Park Hotels & Resorts by 31.5% during the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,340 shares during the last quarter. L2 Asset Management LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth about $130,000. Finally, Inspire Advisors LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth about $153,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PK. Citigroup upgraded Park Hotels & Resorts from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. Barclays boosted their price target on Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Jefferies Financial Group upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $21.00 in a research note on Tuesday, January 2nd. Truist Financial boosted their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, March 14th. Finally, UBS Group upped their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.58.

Park Hotels & Resorts Price Performance

Shares of NYSE PK opened at $16.33 on Friday. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05. The firm has a market cap of $3.44 billion, a P/E ratio of 35.50, a P/E/G ratio of 0.86 and a beta of 2.03. The business’s 50 day moving average price is $16.88 and its 200 day moving average price is $15.38. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. The company had revenue of $657.00 million during the quarter, compared to the consensus estimate of $665.16 million. On average, sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s payout ratio is presently 217.39%.

Park Hotels & Resorts Company Profile

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.