Park Hotels & Resorts Inc. $PK Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 21.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,634,643 shares of the financial services provider’s stock after purchasing an additional 636,049 shares during the period. JPMorgan Chase & Co. owned approximately 1.82% of Park Hotels & Resorts worth $40,272,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sculptor Capital LP boosted its position in Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock valued at $66,844,000 after buying an additional 3,962,304 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Park Hotels & Resorts by 76.7% during the second quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after acquiring an additional 3,361,382 shares in the last quarter. Bank of America Corp DE increased its position in shares of Park Hotels & Resorts by 34.6% during the second quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after acquiring an additional 3,309,275 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth about $20,905,000. Finally, Allianz Asset Management GmbH lifted its stake in shares of Park Hotels & Resorts by 29.9% in the third quarter. Allianz Asset Management GmbH now owns 4,447,474 shares of the financial services provider’s stock worth $49,278,000 after acquiring an additional 1,023,400 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Down 2.6%

Shares of NYSE PK opened at $10.25 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.25. The stock’s 50 day moving average price is $11.14 and its two-hundred day moving average price is $11.02. Park Hotels & Resorts Inc. has a 52-week low of $8.27 and a 52-week high of $12.39. The stock has a market capitalization of $2.06 billion, a P/E ratio of -7.16 and a beta of 1.40.

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

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.00 annualized dividend and a yield of 9.8%. Park Hotels & Resorts’s payout ratio is presently -69.93%.

Insiders Place Their Bets

In other Park Hotels & Resorts news, Director Christie B. Kelly bought 2,949 shares of the company’s stock in a transaction on Wednesday, January 14th. The shares were bought at an average cost of $11.19 per share, with a total value of $32,999.31. Following the completion of the acquisition, the director owned 150,501 shares of the company’s stock, valued at approximately $1,684,106.19. This trade represents a 2.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PK has been the subject of a number of recent analyst reports. Morgan Stanley set a $10.00 price objective on Park Hotels & Resorts in a research note on Friday, January 16th. Wells Fargo & Company reduced their target price on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, December 1st. JPMorgan Chase & Co. raised 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 report on Tuesday, February 3rd. Zacks Research upgraded shares of Park Hotels & Resorts from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 19th. Finally, Truist Financial cut their price target on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $11.27.

About Park Hotels & Resorts

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.