Park Hotels & Resorts Inc. (NYSE:PK) Shares Bought by abrdn plc

abrdn plc grew its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 1,893.0% during the fourth quarter, Holdings Channel reports. The firm owned 915,866 shares of the financial services provider’s stock after acquiring an additional 869,913 shares during the quarter. abrdn plc’s holdings in Park Hotels & Resorts were worth $14,013,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of PK. Federated Hermes Inc. increased its holdings in shares of Park Hotels & Resorts by 12.9% in the 4th quarter. Federated Hermes Inc. now owns 45,391 shares of the financial services provider’s stock worth $694,000 after acquiring an additional 5,169 shares during the period. GraniteShares Advisors LLC acquired a new stake in shares of Park Hotels & Resorts in the 4th quarter worth about $1,469,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Park Hotels & Resorts by 3.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,358 shares of the financial services provider’s stock worth $1,367,000 after acquiring an additional 2,959 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Park Hotels & Resorts by 111.3% in the 4th quarter. Mackenzie Financial Corp now owns 23,830 shares of the financial services provider’s stock worth $365,000 after acquiring an additional 12,552 shares during the period. Finally, Strs Ohio increased its holdings in shares of Park Hotels & Resorts by 19.6% in the 4th quarter. Strs Ohio now owns 354,660 shares of the financial services provider’s stock worth $5,426,000 after acquiring an additional 58,130 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $16.33 on Friday. Park Hotels & Resorts Inc. has a twelve month low of $11.05 and a twelve month high of $18.05. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average of $16.88 and a 200-day moving average of $15.38. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of 35.50, a price-to-earnings-growth ratio of 0.86 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The company had revenue of $657.00 million during the quarter, compared to analyst estimates of $665.16 million. Analysts forecast that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is presently 217.39%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PK. UBS Group increased their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. Citigroup upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $20.00 in a research report on Friday, March 22nd. Truist Financial increased their target price on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Wells Fargo & Company increased their target price on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Finally, Barclays increased their target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.58.

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.