ExodusPoint Capital Management LP Grows Position in Park Hotels & Resorts Inc. (NYSE:PK)

Posted by Defense World Staff on Sep 4th, 2023

ExodusPoint Capital Management LP grew its stake in Park Hotels & Resorts Inc. (NYSE:PK – Free Report) by 268.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,455 shares of the financial services provider’s stock after buying an additional 82,658 shares during the quarter. ExodusPoint Capital Management LP owned approximately 0.05% of Park Hotels & Resorts worth $1,402,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PK. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Park Hotels & Resorts by 12.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 81,274 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 8,987 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of Park Hotels & Resorts by 5.4% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 122,708 shares of the financial services provider’s stock valued at $1,517,000 after acquiring an additional 6,261 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Park Hotels & Resorts by 1,792.9% in the first quarter. Assetmark Inc. now owns 19,327 shares of the financial services provider’s stock worth $239,000 after acquiring an additional 18,306 shares during the period. Teacher Retirement System of Texas grew its position in shares of Park Hotels & Resorts by 41.6% during the fourth quarter. Teacher Retirement System of Texas now owns 75,484 shares of the financial services provider’s stock worth $890,000 after purchasing an additional 22,185 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in Park Hotels & Resorts by 1.3% during the 4th quarter. Treasurer of the State of North Carolina now owns 96,741 shares of the financial services provider’s stock valued at $1,141,000 after purchasing an additional 1,230 shares during the period. Institutional investors own 91.40% of the company’s stock.

Analyst Upgrades and Downgrades

PK has been the topic of several research analyst reports. StockNews.com initiated coverage on shares of Park Hotels & Resorts in a report on Thursday, August 17th. They issued a “sell” rating on the stock. Barclays reduced their target price on Park Hotels & Resorts from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, July 27th. Morgan Stanley dropped their price target on Park Hotels & Resorts from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, August 25th. Wells Fargo & Company increased their target price on Park Hotels & Resorts from $13.00 to $15.00 in a research report on Wednesday, July 12th. Finally, Truist Financial reduced their price objective on Park Hotels & Resorts from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.38.

View Our Latest Research Report on PK

Park Hotels & Resorts Trading Down 0.2 %

Shares of NYSE PK opened at $12.80 on Monday. Park Hotels & Resorts Inc. has a fifty-two week low of $10.70 and a fifty-two week high of $15.38. The company has a debt-to-equity ratio of 1.12, a quick ratio of 2.67 and a current ratio of 2.67. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -51.20, a PEG ratio of 0.84 and a beta of 1.92. The business’s 50 day moving average price is $13.04 and its 200-day moving average price is $12.88.

Park Hotels & Resorts (NYSE:PK – Get Free Report) last released its earnings results on Wednesday, August 2nd. The financial services provider reported ($0.70) earnings per share for the quarter, missing the consensus estimate of $0.58 by ($1.28). The business had revenue of $714.00 million for the quarter, compared to the consensus estimate of $725.05 million. Park Hotels & Resorts had a negative return on equity of 1.14% and a negative net margin of 1.79%. On average, sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.86 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.60 dividend on an annualized basis and a yield of 4.69%. Park Hotels & Resorts’s dividend payout ratio is currently -240.00%.

Park Hotels & Resorts Profile

(Free Report)

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 45 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations.