JPMorgan Chase & Co. Boosts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

JPMorgan Chase & Co. lifted its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 18.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,488,097 shares of the financial services provider's stock after buying an additional 540,920 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.69% of Park Hotels & Resorts worth $49,182,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PK. Harbor Capital Advisors Inc. purchased a new position in Park Hotels & Resorts in the third quarter valued at $33,000. Venturi Wealth Management LLC boosted its stake in shares of Park Hotels & Resorts by 281.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock worth $54,000 after acquiring an additional 2,841 shares in the last quarter. Quarry LP grew its position in shares of Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock valued at $62,000 after acquiring an additional 1,857 shares during the period. Claro Advisors LLC acquired a new position in Park Hotels & Resorts in the 3rd quarter worth about $69,000. Finally, Covestor Ltd raised its holdings in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider's stock worth $97,000 after purchasing an additional 2,711 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on PK. StockNews.com raised Park Hotels & Resorts from a "sell" rating to a "hold" rating in a report on Monday, December 30th. Bank of America cut their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating for the company in a report on Monday, October 21st. Compass Point decreased their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Jefferies Financial Group cut their target price on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday. Finally, UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.65.

Park Hotels & Resorts Price Performance

Shares of Park Hotels & Resorts stock traded up $0.41 on Friday, hitting $14.19. 4,843,064 shares of the company were exchanged, compared to its average volume of 4,256,082. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $14.87 and a 200 day moving average price of $14.63. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 6.90 and a beta of 2.02. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company had revenue of $649.00 million during the quarter, compared to analysts' expectations of $646.15 million. During the same quarter in the previous year, the company earned $0.51 earnings per share. The firm's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, sell-side analysts predict that Park Hotels & Resorts Inc. will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 18.32%. This is a positive change from Park Hotels & Resorts's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts's payout ratio is presently 63.69%.

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.