Magnetar Financial LLC Invests $4.82 Million in Park Hotels & Resorts Inc. (NYSE:PK)

Magnetar Financial LLC bought a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 321,583 shares of the financial services provider's stock, valued at approximately $4,817,000. Magnetar Financial LLC owned about 0.15% of Park Hotels & Resorts at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Park Hotels & Resorts in the fourth quarter valued at $31,745,000. Franklin Resources Inc. lifted its stake in shares of Park Hotels & Resorts by 443.8% in the 4th quarter. Franklin Resources Inc. now owns 114,357 shares of the financial services provider's stock valued at $1,750,000 after purchasing an additional 93,329 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Park Hotels & Resorts by 7.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 273,446 shares of the financial services provider's stock valued at $4,184,000 after purchasing an additional 18,800 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Park Hotels & Resorts during the fourth quarter worth approximately $333,000. Finally, Hsbc Holdings PLC increased its holdings in Park Hotels & Resorts by 86.3% in the fourth quarter. Hsbc Holdings PLC now owns 669,889 shares of the financial services provider's stock worth $10,306,000 after purchasing an additional 310,276 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

Shares of PK traded down $0.33 during trading hours on Monday, hitting $15.27. The company's stock had a trading volume of 2,940,806 shares, compared to its average volume of 2,700,319. The company has a market cap of $3.22 billion, a price-to-earnings ratio of 35.45, a PEG ratio of 0.68 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58. The business has a 50 day simple moving average of $14.56 and a two-hundred day simple moving average of $15.55. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data 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). Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. The company had revenue of $686.00 million for the quarter, compared to analysts' expectations of $694.94 million. On average, equities analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.55%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 227.27%.

Wall Street Analyst Weigh In

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

Park Hotels & Resorts 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.