Assetmark Inc. Boosts Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Assetmark Inc. increased its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 59.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,591 shares of the financial services provider’s stock after buying an additional 8,429 shares during the quarter. Assetmark Inc.’s holdings in Park Hotels & Resorts were worth $319,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PK. Donald Smith & CO. Inc. increased its stake in shares of Park Hotels & Resorts by 22.5% in the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after acquiring an additional 1,484,295 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Park Hotels & Resorts by 287.7% in the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after purchasing an additional 3,897,889 shares during the period. Dimensional Fund Advisors LP increased its position in Park Hotels & Resorts by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock worth $46,638,000 after purchasing an additional 115,391 shares during the last quarter. Jupiter Asset Management Ltd. raised its stake in Park Hotels & Resorts by 286.9% during the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock worth $38,904,000 after purchasing an additional 1,925,850 shares during the period. Finally, Private Management Group Inc. boosted its holdings in Park Hotels & Resorts by 11.2% in the 3rd quarter. Private Management Group Inc. now owns 2,225,243 shares of the financial services provider’s stock valued at $31,376,000 after purchasing an additional 223,562 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

PK has been the subject of a number of recent analyst reports. Evercore ISI cut their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Truist Financial decreased their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. UBS Group lowered 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. Finally, Wells Fargo & Company reduced their price objective 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.00.

Park Hotels & Resorts Stock Down 1.4 %

Shares of PK opened at $14.49 on Friday. The company’s 50-day simple moving average is $14.36 and its 200-day simple moving average is $14.80. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts Inc. has a 1 year low of $13.23 and a 1 year high of $18.05. The stock has a market capitalization of $2.99 billion, a PE ratio of 9.23, a P/E/G ratio of 0.83 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last announced its 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 business had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. During the same period in the previous year, the company earned $0.51 earnings per share. Park Hotels & Resorts’s quarterly revenue was down 4.4% on a year-over-year basis. Analysts forecast that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.

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.