M&T Bank Corp Purchases 26,586 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

M&T Bank Corp increased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 54.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 75,070 shares of the financial services provider’s stock after purchasing an additional 26,586 shares during the period. M&T Bank Corp’s holdings in Park Hotels & Resorts were worth $801,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of PK. UMB Bank n.a. boosted its stake in shares of Park Hotels & Resorts by 140.9% during the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,395 shares during the period. Quarry LP bought a new position in Park Hotels & Resorts during the fourth quarter worth $35,000. Versant Capital Management Inc increased its holdings in shares of Park Hotels & Resorts by 11,039.1% in the first quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 2,539 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Park Hotels & Resorts in the fourth quarter valued at about $53,000. Finally, Quadrant Capital Group LLC raised its position in shares of Park Hotels & Resorts by 38.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,335 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Up 0.0%

PK opened at $11.21 on Tuesday. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 1.48 and a beta of 1.72. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.33. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $16.23. The company has a 50-day simple moving average of $10.48 and a 200 day simple moving average of $11.44.

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

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 8.92%. Park Hotels & Resorts’s payout ratio is 169.49%.

Wall Street Analyst Weigh In

PK has been the subject of several research analyst reports. Citigroup reaffirmed a “buy” rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Bank of America cut Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 price objective for the company. in a report on Wednesday, April 30th. Wells Fargo & Company increased their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a report on Monday, June 23rd. They set an “underweight” rating and a $10.00 price target for the company. Finally, Wall Street Zen lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.11.

Park Hotels & Resorts Company Profile

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.