Zurcher Kantonalbank Zurich Cantonalbank Decreases Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,201 shares of the financial services provider’s stock after selling 3,089 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Park Hotels & Resorts were worth $1,244,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new position in Park Hotels & Resorts during the third quarter worth approximately $33,000. Venturi Wealth Management LLC increased its stake in shares of Park Hotels & Resorts by 281.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 2,841 shares during the last quarter. Quarry LP raised its holdings in shares of Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 1,857 shares during the period. Claro Advisors LLC acquired a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at about $69,000. Finally, Covestor Ltd grew its holdings in shares of Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 2,711 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PK has been the topic of several recent analyst reports. Compass Point decreased their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. UBS Group upped their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, November 18th. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Evercore ISI decreased their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company raised their price objective on Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $15.74 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 7.10 and a beta of 2.03. The business has a 50-day moving average of $14.55 and a 200 day moving average of $14.72. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.51 EPS. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.65 dividend. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 16.52%. The ex-dividend date of this dividend is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 63.69%.

Park Hotels & Resorts 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.