Sumitomo Mitsui Trust Group Inc. Buys 802,939 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Sumitomo Mitsui Trust Group Inc. increased its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 345.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,035,082 shares of the financial services provider’s stock after purchasing an additional 802,939 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.50% of Park Hotels & Resorts worth $14,595,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PK. Janney Montgomery Scott LLC raised its holdings in Park Hotels & Resorts by 54.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,621 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 5,479 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Park Hotels & Resorts by 0.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 275,379 shares of the financial services provider’s stock valued at $4,816,000 after acquiring an additional 2,185 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Park Hotels & Resorts by 495.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 11,625 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 9,673 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Park Hotels & Resorts by 492.7% in the first quarter. Acadian Asset Management LLC now owns 54,345 shares of the financial services provider’s stock worth $950,000 after purchasing an additional 45,176 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Park Hotels & Resorts by 55.3% in 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 during the period. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Compass Point decreased their price target 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. Evercore ISI decreased their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Wells Fargo & Company decreased their price target on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a report on Friday, September 13th. Finally, Wolfe Research cut shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.00.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $14.49 on Monday. The company has a 50-day simple moving average of $14.36 and a two-hundred day simple moving average of $14.79. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 12-month low of $13.23 and a 12-month high of $18.05. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 0.80 and a beta of 2.02.

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