Mirae Asset Global Investments Co. Ltd. Sells 3,890 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Mirae Asset Global Investments Co. Ltd. trimmed its position in Park Hotels & Resorts Inc. (NYSE:PK) by 32.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,174 shares of the financial services provider’s stock after selling 3,890 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Park Hotels & Resorts were worth $121,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new stake in Park Hotels & Resorts during the first quarter worth about $1,156,000. BNP Paribas Financial Markets increased its position in Park Hotels & Resorts by 203.2% during the first quarter. BNP Paribas Financial Markets now owns 506,484 shares of the financial services provider’s stock worth $8,858,000 after buying an additional 339,452 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Park Hotels & Resorts by 54.0% during the first quarter. Janney Montgomery Scott LLC now owns 15,621 shares of the financial services provider’s stock worth $273,000 after buying an additional 5,479 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Park Hotels & Resorts during the first quarter worth approximately $26,000. Finally, Daiwa Securities Group Inc. increased its position in Park Hotels & Resorts by 2.7% during the first quarter. Daiwa Securities Group Inc. now owns 73,979 shares of the financial services provider’s stock worth $1,294,000 after buying an additional 1,956 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Up 2.2 %

Shares of NYSE PK opened at $14.15 on Tuesday. Park Hotels & Resorts Inc. has a 1 year low of $12.85 and a 1 year high of $18.05. The stock has a market capitalization of $2.92 billion, a P/E ratio of 9.01, a P/E/G ratio of 0.72 and a beta of 2.02. The company has a 50-day moving average price of $14.36 and a 200-day moving average price of $14.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.58.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. During the same quarter last year, the firm posted $0.51 earnings per share. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PK shares. Compass Point lowered their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company decreased their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, UBS Group decreased their target price on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts Company Profile

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.