Park Hotels & Resorts Inc (NYSE:PK) Shares Bought by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. boosted its holdings in shares of Park Hotels & Resorts Inc (NYSE:PK) by 8.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,300 shares of the financial services provider’s stock after acquiring an additional 3,000 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Park Hotels & Resorts were worth $1,028,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PK. BlackRock Inc. boosted its position in shares of Park Hotels & Resorts by 14.0% during the first quarter. BlackRock Inc. now owns 21,489,474 shares of the financial services provider’s stock worth $667,891,000 after buying an additional 2,635,511 shares during the period. AJO LP boosted its position in shares of Park Hotels & Resorts by 97.7% during the first quarter. AJO LP now owns 4,199,461 shares of the financial services provider’s stock worth $130,519,000 after buying an additional 2,075,172 shares during the period. Schroder Investment Management Group boosted its position in shares of Park Hotels & Resorts by 436.5% during the second quarter. Schroder Investment Management Group now owns 2,435,831 shares of the financial services provider’s stock worth $67,132,000 after buying an additional 1,981,779 shares during the period. Renaissance Technologies LLC boosted its position in shares of Park Hotels & Resorts by 66.8% during the second quarter. Renaissance Technologies LLC now owns 1,425,400 shares of the financial services provider’s stock worth $39,284,000 after buying an additional 570,900 shares during the period. Finally, LSV Asset Management boosted its position in shares of Park Hotels & Resorts by 126.6% during the second quarter. LSV Asset Management now owns 1,012,300 shares of the financial services provider’s stock worth $27,898,000 after buying an additional 565,646 shares during the period.

Shares of PK traded down $0.13 during midday trading on Thursday, reaching $25.89. 930,857 shares of the stock were exchanged, compared to its average volume of 2,068,869. The business’s 50-day moving average price is $24.46 and its 200 day moving average price is $28.34. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.74 and a quick ratio of 1.74. Park Hotels & Resorts Inc has a twelve month low of $23.02 and a twelve month high of $33.74. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 8.75, a PEG ratio of 2.32 and a beta of 1.31.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.42). Park Hotels & Resorts had a return on equity of 5.06% and a net margin of 10.52%. The firm had revenue of $703.00 million for the quarter, compared to analyst estimates of $694.08 million. During the same quarter last year, the firm posted $0.93 EPS. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, equities research analysts expect that Park Hotels & Resorts Inc will post 2.87 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date is Friday, September 27th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 60.81%.

Several research firms have recently commented on PK. Deutsche Bank set a $33.00 price target on Park Hotels & Resorts and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Citigroup decreased their price target on Park Hotels & Resorts from $31.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Evercore ISI raised Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and decreased their price target for the stock from $33.00 to $31.00 in a report on Thursday, September 12th. Zacks Investment Research downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, September 12th. Finally, Capital One Financial began coverage on Park Hotels & Resorts in a report on Tuesday, June 25th. They set an “overweight” rating and a $34.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Park Hotels & Resorts presently has an average rating of “Hold” and a consensus target price of $30.82.

About Park Hotels & Resorts

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.

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

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