Park Hotels & Resorts Inc. (NYSE:PK) Stake Boosted by Legal & General Group Plc

Legal & General Group Plc lifted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 47.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 666,516 shares of the financial services provider’s stock after buying an additional 215,580 shares during the period. Legal & General Group Plc owned approximately 0.31% of Park Hotels & Resorts worth $17,969,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Asset Management Inc lifted its position in Park Hotels & Resorts by 7.1% in the second quarter. CIBC Asset Management Inc now owns 9,416 shares of the financial services provider’s stock worth $254,000 after purchasing an additional 624 shares during the period. Teacher Retirement System of Texas lifted its position in Park Hotels & Resorts by 9.2% in the second quarter. Teacher Retirement System of Texas now owns 10,437 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 878 shares during the period. Balasa Dinverno & Foltz LLC acquired a new stake in Park Hotels & Resorts in the second quarter worth approximately $307,000. Daiwa Securities Group Inc. lifted its position in Park Hotels & Resorts by 41.8% in the second quarter. Daiwa Securities Group Inc. now owns 12,900 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 3,800 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Park Hotels & Resorts in the second quarter worth approximately $456,000. Institutional investors and hedge funds own 97.26% of the company’s stock.

A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Canaccord Genuity cut their target price on Park Hotels & Resorts from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, August 4th. J P Morgan Chase & Co assumed coverage on Park Hotels & Resorts in a research report on Thursday, June 15th. They issued an “overweight” rating and a $30.00 target price for the company. Evercore ISI assumed coverage on Park Hotels & Resorts in a research report on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 target price for the company. Finally, Cowen and Company upped their target price on Park Hotels & Resorts from $61.00 to $70.00 and gave the stock a “market perform” rating in a research report on Tuesday, June 20th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Park Hotels & Resorts presently has a consensus rating of “Hold” and a consensus price target of $34.80.

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In other Park Hotels & Resorts news, Director Stephen I. Sadove acquired 9,600 shares of Park Hotels & Resorts stock in a transaction on Friday, August 4th. The shares were purchased at an average cost of $25.97 per share, with a total value of $249,312.00. Following the completion of the purchase, the director now owns 20,151 shares in the company, valued at $523,321.47. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.25% of the stock is currently owned by company insiders.

Park Hotels & Resorts Inc. (PK) traded up 0.26% on Friday, hitting $27.49. The company’s stock had a trading volume of 3,585,596 shares. The company has a market capitalization of $5.91 billion and a P/E ratio of 2.36. Park Hotels & Resorts Inc. has a 1-year low of $25.40 and a 1-year high of $30.74. The company has a 50 day moving average price of $27.33 and a 200-day moving average price of $26.89.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The business had revenue of $733.00 million during the quarter, compared to the consensus estimate of $716.51 million. The firm’s revenue was up 1.1% compared to the same quarter last year. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post $12.02 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.43 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.72 dividend on an annualized basis and a yield of 6.26%.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.

Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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