Park Hotels & Resorts Inc. $PK Shares Purchased by Citigroup Inc.

Citigroup Inc. increased its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 13.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,636,353 shares of the financial services provider’s stock after acquiring an additional 199,405 shares during the quarter. Citigroup Inc. owned approximately 0.82% of Park Hotels & Resorts worth $18,131,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ontario Teachers Pension Plan Board grew its holdings in Park Hotels & Resorts by 129.6% in the third quarter. Ontario Teachers Pension Plan Board now owns 556,013 shares of the financial services provider’s stock valued at $6,161,000 after purchasing an additional 313,884 shares during the last quarter. Syon Capital LLC grew its holdings in shares of Park Hotels & Resorts by 113.3% during the third quarter. Syon Capital LLC now owns 30,057 shares of the financial services provider’s stock worth $333,000 after buying an additional 15,965 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Park Hotels & Resorts by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,634,643 shares of the financial services provider’s stock worth $40,272,000 after acquiring an additional 636,049 shares during the period. PNC Financial Services Group Inc. increased its stake in Park Hotels & Resorts by 19.4% in the third quarter. PNC Financial Services Group Inc. now owns 17,119 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 2,784 shares during the last quarter. Finally, Aberdeen Group plc lifted its holdings in shares of Park Hotels & Resorts by 67.3% during the 3rd quarter. Aberdeen Group plc now owns 194,742 shares of the financial services provider’s stock worth $2,151,000 after acquiring an additional 78,373 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Trading Up 3.9%

Park Hotels & Resorts stock opened at $11.70 on Friday. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -8.18 and a beta of 1.45. The company has a 50 day moving average price of $11.15 and a 200 day moving average price of $11.08. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 1.34. Park Hotels & Resorts Inc. has a 52 week low of $8.27 and a 52 week high of $12.65.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Thursday, February 19th. The financial services provider reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($1.50). The business had revenue of $629.00 million during the quarter, compared to analysts’ expectations of $621.79 million. Park Hotels & Resorts had a negative return on equity of 8.56% and a negative net margin of 11.14%.The firm’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. Park Hotels & Resorts has set its FY 2026 guidance at 1.730-1.89 EPS. Research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend is Tuesday, March 31st. Park Hotels & Resorts’s dividend payout ratio is presently -69.93%.

Insider Activity

In other news, Director Christie B. Kelly purchased 2,949 shares of the stock in a transaction that occurred on Wednesday, January 14th. The stock was acquired at an average price of $11.19 per share, with a total value of $32,999.31. Following the purchase, the director owned 150,501 shares in the company, valued at $1,684,106.19. This represents a 2.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on PK. Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, January 16th. Barclays started coverage on Park Hotels & Resorts in a research report on Tuesday, January 6th. They set an “overweight” rating and a $13.00 price objective for the company. Zacks Research upgraded shares of Park Hotels & Resorts from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Weiss Ratings cut Park Hotels & Resorts from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Finally, JPMorgan Chase & Co. upped their price target on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 3rd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.