Man Group plc Makes New $16.52 Million Investment in Park Hotels & Resorts Inc. $PK

Man Group plc purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,158,920 shares of the financial services provider’s stock, valued at approximately $16,515,000. Man Group plc owned approximately 0.58% of Park Hotels & Resorts at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PK. Global Retirement Partners LLC purchased a new stake in shares of Park Hotels & Resorts in the second quarter worth $25,000. Danske Bank A S purchased a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at $25,000. Fifth Third Bancorp lifted its stake in shares of Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,061 shares in the last quarter. Advisory Services Network LLC bought a new position in Park Hotels & Resorts in the 3rd quarter worth $34,000. Finally, North Star Investment Management Corp. boosted its holdings in Park Hotels & Resorts by 263.2% in the 1st quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock worth $65,000 after buying an additional 4,500 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on PK shares. Weiss Ratings raised Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald upped their price objective on Park Hotels & Resorts from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Truist Financial upped their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. increased their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $14.00 target price on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.08.

Park Hotels & Resorts Stock Performance

PK opened at $15.73 on Friday. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -18.95, a PEG ratio of 2.09 and a beta of 1.34. The company has a fifty day moving average of $14.84 and a 200 day moving average of $12.71. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. During the same period in the previous year, the firm posted $0.64 EPS. Park Hotels & Resorts’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.8 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s payout ratio is -120.48%.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.