Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 345.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,035,082 shares of the financial services provider's stock after buying an additional 802,939 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.50% of Park Hotels & Resorts worth $14,595,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new position in Park Hotels & Resorts in the third quarter worth $33,000. Venturi Wealth Management LLC boosted its position in Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock worth $54,000 after purchasing an additional 2,841 shares during the last quarter. Quarry LP boosted its position in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock worth $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts in the third quarter worth $69,000. Finally, EntryPoint Capital LLC boosted its position in Park Hotels & Resorts by 53.5% in the first quarter. EntryPoint Capital LLC now owns 6,488 shares of the financial services provider's stock worth $113,000 after purchasing an additional 2,260 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PK. Compass Point lowered their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Evercore ISI lowered 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. UBS Group boosted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Monday. Truist Financial lowered their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, September 4th. Finally, StockNews.com lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.09.

Park Hotels & Resorts Stock Performance

Shares of NYSE:PK traded down $0.21 during midday trading on Monday, reaching $14.28. 2,047,627 shares of the company traded hands, compared to its average volume of 2,778,908. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 9.16, a price-to-earnings-growth ratio of 0.80 and a beta of 2.02. The firm's fifty day moving average price is $14.36 and its two-hundred day moving average price is $14.79.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.21). The business had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. Park Hotels & Resorts's revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, equities analysts expect that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current year.

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.