Zurcher Kantonalbank Zurich Cantonalbank Purchases 2,959 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 3.4% in the 4th quarter, HoldingsChannel reports. The firm owned 89,358 shares of the financial services provider’s stock after buying an additional 2,959 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Park Hotels & Resorts were worth $1,367,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. AE Wealth Management LLC acquired a new stake in shares of Park Hotels & Resorts during the third quarter worth approximately $154,000. Bfsg LLC bought a new position in Park Hotels & Resorts in the 3rd quarter valued at $189,000. Inspire Advisors LLC acquired a new position in Park Hotels & Resorts in the third quarter worth $153,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Park Hotels & Resorts by 5.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 85,069 shares of the financial services provider’s stock worth $1,048,000 after purchasing an additional 4,720 shares during the last quarter. Finally, Cascade Investment Advisors Inc. increased its stake in shares of Park Hotels & Resorts by 7.2% in the third quarter. Cascade Investment Advisors Inc. now owns 65,497 shares of the financial services provider’s stock valued at $807,000 after buying an additional 4,375 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Trading Down 2.7 %

NYSE PK opened at $16.33 on Friday. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The stock has a 50-day simple moving average of $16.88 and a 200 day simple moving average of $15.38. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.44 billion, a PE ratio of 35.50, a P/E/G ratio of 0.86 and a beta of 2.03.

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 the consensus estimate of $0.49 by $0.39. The company had revenue of $657.00 million during the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. Research analysts forecast that Park Hotels & Resorts Inc. will post 2.06 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

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

Wall Street Analysts Forecast Growth

PK has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Wells Fargo & Company increased their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Citigroup upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. Jefferies Financial Group upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and increased their price objective for the company from $14.00 to $21.00 in a research report on Tuesday, January 2nd. Finally, Truist Financial upped their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.58.

About Park Hotels & Resorts

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.