Principal Financial Group Inc. Cuts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Principal Financial Group Inc. decreased its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 26.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 810,461 shares of the financial services provider’s stock after selling 290,889 shares during the quarter. Principal Financial Group Inc.’s holdings in Park Hotels & Resorts were worth $11,427,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new position in shares of Park Hotels & Resorts in the 3rd quarter worth about $33,000. Quarry LP boosted its position in 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 purchasing an additional 1,857 shares during the period. Claro Advisors LLC acquired a new stake in Park Hotels & Resorts in the 3rd quarter valued at $69,000. EntryPoint Capital LLC raised its position in Park Hotels & Resorts by 53.5% in the first quarter. EntryPoint Capital LLC now owns 6,488 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 2,260 shares during the period. Finally, Covestor Ltd lifted its stake in shares of Park Hotels & Resorts by 55.3% during the first quarter. Covestor Ltd now owns 7,430 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 2,645 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

PK has been the subject of several analyst reports. Wells Fargo & Company decreased their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Friday, September 13th. UBS Group decreased their price target on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Compass Point dropped their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Bank of America lowered their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, Truist Financial cut their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and an average target price of $18.00.

Park Hotels & Resorts Price Performance

Shares of PK stock opened at $14.49 on Monday. The firm has a fifty day moving average of $14.36 and a two-hundred day moving average of $14.79. The firm has a market cap of $2.99 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.80 and a beta of 2.02. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $646.15 million. During the same quarter last year, the business posted $0.51 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, research analysts anticipate that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.

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.