Massachusetts Financial Services Co. MA Purchases 21,994 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Massachusetts Financial Services Co. MA raised its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 7.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 324,774 shares of the financial services provider’s stock after acquiring an additional 21,994 shares during the period. Massachusetts Financial Services Co. MA owned about 0.15% of Park Hotels & Resorts worth $4,865,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PK. Epoch Investment Partners Inc. lifted its stake in shares of Park Hotels & Resorts by 135.7% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after acquiring an additional 801,372 shares during the last quarter. Acadian Asset Management LLC lifted its position in Park Hotels & Resorts by 492.7% in the first quarter. Acadian Asset Management LLC now owns 54,345 shares of the financial services provider’s stock valued at $950,000 after purchasing an additional 45,176 shares during the last quarter. Norges Bank purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter valued at approximately $31,745,000. Los Angeles Capital Management LLC grew its holdings in shares of Park Hotels & Resorts by 601.1% in the first quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock worth $36,921,000 after purchasing an additional 1,809,886 shares during the last quarter. Finally, Diversified Trust Co purchased a new position in shares of Park Hotels & Resorts in the second quarter worth $599,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $15.60 on Friday. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The firm has a market capitalization of $3.29 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.68 and a beta of 2.02. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.23. The business has a fifty day simple moving average of $14.56 and a two-hundred day simple moving average of $15.56.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The business had revenue of $686.00 million for the quarter, compared to analysts’ expectations of $694.94 million. Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.41%. Park Hotels & Resorts’s payout ratio is currently 227.27%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group dropped their price target on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Wells Fargo & Company dropped their target price on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Friday, September 13th. Wedbush restated a “neutral” rating and set a $17.00 price target on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Truist Financial dropped their price objective on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Finally, Evercore ISI reduced their target price on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $16.96.

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.