GAMMA Investing LLC Increases Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

GAMMA Investing LLC increased its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 5,253.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,422 shares of the financial services provider’s stock after purchasing an additional 55,368 shares during the quarter. GAMMA Investing LLC’s holdings in Park Hotels & Resorts were worth $603,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Donald Smith & CO. Inc. grew its position in Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock worth $129,446,000 after buying an additional 1,122,839 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Park Hotels & Resorts by 18.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock worth $94,160,000 after buying an additional 1,056,188 shares in the last quarter. Allianz Asset Management GmbH grew its position in Park Hotels & Resorts by 3.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider’s stock worth $50,426,000 after buying an additional 125,730 shares in the last quarter. Norges Bank purchased a new position in Park Hotels & Resorts during the fourth quarter worth about $41,087,000. Finally, Invesco Ltd. grew its position in Park Hotels & Resorts by 84.0% during the fourth quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider’s stock worth $39,929,000 after buying an additional 1,295,548 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on PK. Bank of America lowered Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 price target for the company. in a research note on Wednesday, April 30th. Wall Street Zen lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, April 10th. Citigroup reaffirmed a “buy” rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. Evercore ISI lowered Park Hotels & Resorts from an “outperform” rating to an “in-line” rating and set a $13.00 price target for the company. in a research note on Friday, May 16th. Finally, Truist Financial lowered Park Hotels & Resorts from a “buy” rating to a “hold” rating and dropped their price target for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.75.

Park Hotels & Resorts Trading Up 0.1%

NYSE PK opened at $10.20 on Thursday. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.23. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.33. The stock has a 50-day moving average of $10.21 and a 200-day moving average of $12.06. The firm has a market cap of $2.04 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 1.32 and a beta of 1.74.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 2.65% and a net margin of 4.90%. The company had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. During the same quarter in the previous year, the company posted $0.52 EPS. Park Hotels & Resorts’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 9.80%. The ex-dividend date of this dividend is Monday, June 30th. Park Hotels & Resorts’s payout ratio is 169.49%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.