Teacher Retirement System of Texas Boosts Position in Park Hotels & Resorts Inc. (NYSE:PK)

Posted by on Jun 12th, 2023

Teacher Retirement System of Texas lifted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) by 41.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 75,484 shares of the financial services provider’s stock after acquiring an additional 22,185 shares during the period. Teacher Retirement System of Texas’ holdings in Park Hotels & Resorts were worth $890,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Signaturefd LLC raised its stake in Park Hotels & Resorts by 27.6% during the 4th quarter. Signaturefd LLC now owns 5,400 shares of the financial services provider’s stock worth $64,000 after buying an additional 1,169 shares during the period. Hollencrest Capital Management purchased a new stake in shares of Park Hotels & Resorts during the 4th quarter worth approximately $85,000. Elequin Securities LLC bought a new position in Park Hotels & Resorts in the 4th quarter valued at $95,000. Captrust Financial Advisors purchased a new position in Park Hotels & Resorts in the 2nd quarter worth $104,000. Finally, Franklin Resources Inc. bought a new stake in Park Hotels & Resorts during the fourth quarter worth about $121,000. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $13.91 on Monday. The stock has a market cap of $3.00 billion, a P/E ratio of 12.53, a PEG ratio of 0.75 and a beta of 1.95. Park Hotels & Resorts Inc. has a 1-year low of $10.70 and a 1-year high of $18.09. The firm has a 50-day moving average of $12.74 and a two-hundred day moving average of $12.78. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.05 and a quick ratio of 3.05.

Park Hotels & Resorts (NYSE:PK – Get Rating) last issued its quarterly earnings results on Monday, May 1st. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.17). Park Hotels & Resorts had a return on equity of 5.90% and a net margin of 9.44%. The business had revenue of $648.00 million for the quarter, compared to analyst estimates of $617.04 million. During the same quarter in the prior year, the firm earned $0.08 EPS. The firm’s quarterly revenue was up 35.3% compared to the same quarter last year. On average, research analysts expect that Park Hotels & Resorts Inc. will post 1.92 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date is Thursday, June 29th. Park Hotels & Resorts’s payout ratio is 54.05%.

Wall Street Analyst Weigh In

Several research firms recently commented on PK. Wells Fargo & Company downgraded shares of Park Hotels & Resorts from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $17.00 to $12.50 in a research note on Thursday, March 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Park Hotels & Resorts from $20.00 to $21.00 in a research report on Tuesday, May 2nd. Truist Financial lifted their price objective on shares of Park Hotels & Resorts from $19.00 to $20.00 in a research report on Tuesday, May 2nd. TheStreet raised shares of Park Hotels & Resorts from a “d+” rating to a “c” rating in a research note on Wednesday, February 22nd. Finally, StockNews.com started coverage on Park Hotels & Resorts in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.55.

Park Hotels & Resorts Profile

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Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 46 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations.

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

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