Allspring Global Investments Holdings LLC Buys 103,665 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Allspring Global Investments Holdings LLC grew its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 328.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 135,228 shares of the financial services provider’s stock after acquiring an additional 103,665 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.06% of Park Hotels & Resorts worth $2,365,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PK. Raleigh Capital Management Inc. bought a new stake in shares of Park Hotels & Resorts during the 4th quarter worth $35,000. FNY Investment Advisers LLC bought a new position in Park Hotels & Resorts in the fourth quarter valued at about $42,000. Signaturefd LLC raised its position in Park Hotels & Resorts by 12.7% in the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 727 shares during the last quarter. Wedmont Private Capital raised its position in Park Hotels & Resorts by 10.8% in the first quarter. Wedmont Private Capital now owns 11,418 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 1,117 shares during the last quarter. Finally, Pensionfund Sabic raised its position in Park Hotels & Resorts by 156.7% in the first quarter. Pensionfund Sabic now owns 13,106 shares of the financial services provider’s stock valued at $229,000 after purchasing an additional 8,000 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $14.73 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.48 and a current ratio of 1.48. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 0.73 and a beta of 2.03. The business’s fifty day moving average is $15.61 and its 200 day moving average is $16.10.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.17). Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. The company had revenue of $639.00 million during the quarter, compared to analysts’ expectations of $630.46 million. Research analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.79%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 227.28%.

Analysts Set New Price Targets

Several equities analysts have commented on PK shares. Wedbush reiterated a “neutral” rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Wells Fargo & Company increased their price target on Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. UBS Group increased their price target on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Finally, Barclays increased their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.83.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.