EP Wealth Advisors LLC Takes $224,000 Position in Park Hotels & Resorts Inc. (NYSE:PK)

EP Wealth Advisors LLC acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 15,893 shares of the financial services provider’s stock, valued at approximately $224,000.

Several other large investors have also recently modified their holdings of the company. Algert Global LLC raised its stake in Park Hotels & Resorts by 48.6% in the second quarter. Algert Global LLC now owns 752,273 shares of the financial services provider’s stock valued at $11,269,000 after buying an additional 245,973 shares during the last quarter. Quantbot Technologies LP boosted its stake in Park Hotels & Resorts by 95.7% in the 2nd quarter. Quantbot Technologies LP now owns 367,900 shares of the financial services provider’s stock worth $5,511,000 after purchasing an additional 179,884 shares in the last quarter. National Bank of Canada FI boosted its stake in Park Hotels & Resorts by 70.9% in the 2nd quarter. National Bank of Canada FI now owns 223,600 shares of the financial services provider’s stock worth $3,298,000 after purchasing an additional 92,800 shares in the last quarter. AQR Capital Management LLC grew its position in Park Hotels & Resorts by 287.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after purchasing an additional 3,897,889 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Park Hotels & Resorts by 488.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 83,473 shares of the financial services provider’s stock valued at $1,177,000 after purchasing an additional 69,296 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PK. Bank of America lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Wells Fargo & Company raised their price objective on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. UBS Group lifted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Finally, Compass Point cut 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.55.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $15.28 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 company has a 50 day moving average price of $14.70 and a 200-day moving average price of $14.69. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 7.02 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The firm 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 firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 EPS. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.65 per share. The ex-dividend date is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a yield of 17.02%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio is currently 63.69%.

About Park Hotels & Resorts

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.