Mackenzie Financial Corp Buys 12,552 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Mackenzie Financial Corp lifted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 111.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,830 shares of the financial services provider’s stock after acquiring an additional 12,552 shares during the quarter. Mackenzie Financial Corp’s holdings in Park Hotels & Resorts were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in PK. FNY Investment Advisers LLC bought a new stake in Park Hotels & Resorts in the fourth quarter worth approximately $42,000. Spire Wealth Management increased its holdings in Park Hotels & Resorts by 20.1% in the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 860 shares in the last quarter. Covestor Ltd increased its holdings in Park Hotels & Resorts by 31.5% in the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,340 shares in the last quarter. L2 Asset Management LLC bought a new stake in Park Hotels & Resorts in the third quarter worth approximately $130,000. Finally, Inspire Advisors LLC bought a new stake in Park Hotels & Resorts in the third quarter worth approximately $153,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PK. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Truist Financial raised their price objective 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. Barclays raised their price objective on Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Jefferies Financial Group raised Park Hotels & Resorts from a “hold” rating to a “buy” rating and raised their price objective for the company from $14.00 to $21.00 in a research note on Tuesday, January 2nd. Finally, Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $17.58.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $16.57 on Friday. The business’s fifty day simple moving average is $16.91 and its 200 day simple moving average is $15.43. The firm has a market capitalization of $3.49 billion, a P/E ratio of 36.02, a price-to-earnings-growth ratio of 0.84 and a beta of 2.03. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.39. The business had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. As a group, analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.04%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 217.39%.

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.