Verition Fund Management LLC Acquires 139,143 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Verition Fund Management LLC raised its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 273.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 190,054 shares of the financial services provider's stock after purchasing an additional 139,143 shares during the quarter. Verition Fund Management LLC owned 0.09% of Park Hotels & Resorts worth $2,680,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PK. Donald Smith & CO. Inc. raised its position in Park Hotels & Resorts by 22.5% during the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider's stock valued at $113,890,000 after purchasing an additional 1,484,295 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Park Hotels & Resorts by 287.7% during the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider's stock valued at $77,217,000 after buying an additional 3,897,889 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Park Hotels & Resorts by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider's stock valued at $46,638,000 after acquiring an additional 115,391 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Park Hotels & Resorts by 2.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider's stock worth $40,928,000 after acquiring an additional 66,093 shares during the period. Finally, Jupiter Asset Management Ltd. boosted its holdings in Park Hotels & Resorts by 286.9% in the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider's stock valued at $38,904,000 after acquiring an additional 1,925,850 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Evercore ISI decreased their price objective on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Tuesday, August 13th. UBS Group increased their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, November 18th. StockNews.com cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Truist Financial decreased their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company lifted their price target on Park Hotels & Resorts from $14.50 to $16.00 and gave the company an "equal weight" rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $18.23.

Park Hotels & Resorts Stock Performance

Shares of PK stock traded up $0.10 during trading hours on Thursday, reaching $15.92. 3,515,994 shares of the company traded hands, compared to its average volume of 2,774,001. The firm has a 50-day moving average price of $14.53 and a 200 day moving average price of $14.71. The company has a market cap of $3.29 billion, a P/E ratio of 10.22, a P/E/G ratio of 7.10 and a beta of 2.03. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. Park Hotels & Resorts Inc. has a 12-month low of $13.23 and a 12-month high of $18.05.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analysts' expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. Park Hotels & Resorts's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. As a group, sell-side analysts predict that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.65 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from Park Hotels & Resorts's previous quarterly dividend of $0.25. This represents a $2.60 dividend on an annualized basis and a yield of 16.33%. Park Hotels & Resorts's payout ratio is currently 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.