CIBC Private Wealth Group LLC Invests $112,000 in Park Hotels & Resorts Inc. (NYSE:PK)

CIBC Private Wealth Group LLC bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 8,267 shares of the financial services provider’s stock, valued at approximately $112,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at about $41,087,000. Arrowstreet Capital Limited Partnership raised its stake in Park Hotels & Resorts by 18.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after acquiring an additional 1,056,188 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Park Hotels & Resorts by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after acquiring an additional 540,920 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Park Hotels & Resorts by 26.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,443,752 shares of the financial services provider’s stock valued at $34,384,000 after purchasing an additional 518,727 shares during the last quarter. Finally, LPL Financial LLC increased its holdings in shares of Park Hotels & Resorts by 898.1% in the fourth quarter. LPL Financial LLC now owns 377,605 shares of the financial services provider’s stock valued at $5,313,000 after purchasing an additional 339,773 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PK. Jefferies Financial Group dropped their price objective on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Truist Financial reduced their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. UBS Group lowered their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Finally, Wells Fargo & Company lowered their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.72.

Park Hotels & Resorts Trading Down 3.2 %

Shares of PK stock opened at $9.07 on Tuesday. Park Hotels & Resorts Inc. has a twelve month low of $8.62 and a twelve month high of $17.87. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 8.98, a PEG ratio of 1.51 and a beta of 1.73. The firm has a 50-day moving average price of $12.05 and a 200 day moving average price of $13.65. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The firm had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 11.03%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is 99.01%.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.