Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK – Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,708 shares of the financial services provider’s stock after buying an additional 6,261 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned about 0.06% of Park Hotels & Resorts worth $1,517,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Trust Advisors LP raised its position in shares of Park Hotels & Resorts by 1.5% during the 1st quarter. First Trust Advisors LP now owns 47,964 shares of the financial services provider’s stock worth $937,000 after buying an additional 686 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Park Hotels & Resorts by 3.9% in the 1st quarter. Federated Hermes Inc. now owns 30,799 shares of the financial services provider’s stock worth $602,000 after purchasing an additional 1,147 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Park Hotels & Resorts by 27.6% in the 4th quarter. Signaturefd LLC now owns 5,400 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 1,169 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Park Hotels & Resorts by 1.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 96,741 shares of the financial services provider’s stock worth $1,141,000 after purchasing an additional 1,230 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Park Hotels & Resorts by 5.5% in the 1st quarter. Van ECK Associates Corp now owns 24,520 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 1,270 shares in the last quarter. 90.38% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PK has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Park Hotels & Resorts from $13.00 to $15.00 in a report on Wednesday, July 12th. Barclays dropped their target price on shares of Park Hotels & Resorts from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 27th. Morgan Stanley dropped their target price on shares of Park Hotels & Resorts from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday, April 17th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Park Hotels & Resorts from $20.00 to $21.00 in a research report on Tuesday, May 2nd. Finally, Truist Financial dropped their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $17.44.
Park Hotels & Resorts Price Performance
NYSE PK opened at $13.01 on Monday. The company has a fifty day simple moving average of $13.21 and a 200 day simple moving average of $13.07. Park Hotels & Resorts Inc. has a 1 year low of $10.70 and a 1 year high of $16.15. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 1.12.
Park Hotels & Resorts Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Thursday, June 29th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -240.00%.
About Park Hotels & Resorts
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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