State Street Corp Reduces Holdings in Park Hotels & Resorts Inc. (NYSE:PK)



State Street Corp trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,226,784 shares of the financial services provider’s stock after selling 337,173 shares during the quarter. State Street Corp owned 4.34% of Park Hotels & Resorts worth $102,166,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. World Asset Management Inc lifted its position in shares of Park Hotels & Resorts by 14.9% during the second quarter. World Asset Management Inc now owns 16,588 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,152 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Park Hotels & Resorts by 12.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,968,713 shares of the financial services provider’s stock worth $19,471,000 after purchasing an additional 223,676 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Park Hotels & Resorts by 6.6% during the second quarter. Nisa Investment Advisors LLC now owns 120,334 shares of the financial services provider’s stock worth $1,190,000 after purchasing an additional 7,481 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Park Hotels & Resorts by 96.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 24,073 shares of the financial services provider’s stock worth $238,000 after purchasing an additional 11,818 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Park Hotels & Resorts by 17.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 90,795 shares of the financial services provider’s stock worth $898,000 after purchasing an additional 13,690 shares during the last quarter. 79.27% of the stock is owned by institutional investors.

Several analysts have recently weighed in on the company. ValuEngine upgraded Park Hotels & Resorts from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Bank of America upgraded Park Hotels & Resorts from an “underperform” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Tuesday, September 29th. Compass Point assumed coverage on Park Hotels & Resorts in a report on Monday, October 5th. They issued a “neutral” rating and a $11.50 price objective for the company. BMO Capital Markets upgraded Park Hotels & Resorts from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $9.00 to $13.00 in a report on Tuesday, October 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $10.00 price objective on shares of Park Hotels & Resorts in a report on Wednesday, August 5th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $11.98.

PK opened at $16.72 on Monday. The business’s 50-day moving average is $11.98 and its two-hundred day moving average is $10.36. Park Hotels & Resorts Inc. has a 1 year low of $3.99 and a 1 year high of $26.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 7.04 and a quick ratio of 7.04. The firm has a market capitalization of $3.94 billion, a PE ratio of -4.83 and a beta of 1.84.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Thursday, November 5th. The financial services provider reported ($1.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.52) by ($0.65). Park Hotels & Resorts had a negative return on equity of 13.76% and a negative net margin of 38.58%. The business had revenue of $98.00 million for the quarter, compared to analysts’ expectations of $122.54 million. During the same quarter in the previous year, the firm posted $0.68 EPS. Park Hotels & Resorts’s revenue was down 85.4% on a year-over-year basis. As a group, sell-side analysts expect that Park Hotels & Resorts Inc. will post -1.6 EPS for the current year.

About Park Hotels & Resorts

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)



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