Peregrine Capital Management LLC Decreases Position in Park Hotels & Resorts Inc. (NYSE:PK)

Peregrine Capital Management LLC trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 473,168 shares of the financial services provider’s stock after selling 1,630 shares during the quarter. Peregrine Capital Management LLC’s holdings in Park Hotels & Resorts were worth $7,088,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Park Hotels & Resorts by 4.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 91,290 shares of the financial services provider’s stock worth $1,368,000 after purchasing an additional 4,072 shares in the last quarter. Bailard Inc. lifted its position in shares of Park Hotels & Resorts by 9.4% in the second quarter. Bailard Inc. now owns 44,200 shares of the financial services provider’s stock valued at $662,000 after acquiring an additional 3,800 shares in the last quarter. Summit Global Investments purchased a new stake in shares of Park Hotels & Resorts in the second quarter valued at $1,250,000. Pallas Capital Advisors LLC purchased a new stake in shares of Park Hotels & Resorts in the second quarter valued at $610,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Park Hotels & Resorts by 13.3% in the second quarter. Nisa Investment Advisors LLC now owns 154,088 shares of the financial services provider’s stock valued at $2,344,000 after acquiring an additional 18,075 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PK has been the topic of several recent research reports. Wedbush restated a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Truist Financial reduced their price objective on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. UBS Group reduced their target price on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. 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 report on Tuesday, August 13th. Finally, Barclays increased their target price on Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Park Hotels & Resorts currently has a consensus rating of “Hold” and a consensus target price of $17.42.

Park Hotels & Resorts Stock Up 1.1 %

Shares of Park Hotels & Resorts stock traded up $0.17 during midday trading on Friday, hitting $15.27. The company’s stock had a trading volume of 2,688,664 shares, compared to its average volume of 2,679,745. The firm has a market capitalization of $3.22 billion, a P/E ratio of 34.70, a PEG ratio of 0.69 and a beta of 2.03. Park Hotels & Resorts Inc. has a 1-year low of $11.05 and a 1-year high of $18.05. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. The stock has a 50-day simple moving average of $14.61 and a 200-day simple moving average of $15.72.

Park Hotels & Resorts (NYSE:PK) last released 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 net margin of 11.50% and a return on equity of 8.77%. The firm had revenue of $686.00 million for the quarter, compared to analyst estimates of $694.94 million. As a group, sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.1 earnings per share for the current 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 $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.55%. The ex-dividend date of this dividend is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio is currently 227.27%.

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.