Eaton Vance Management Increases Stake in Park Hotels & Resorts (PK)

Eaton Vance Management grew its holdings in shares of Park Hotels & Resorts (NYSE:PK) by 17.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 14,204 shares of the financial services provider’s stock after buying an additional 2,152 shares during the period. Eaton Vance Management’s holdings in Park Hotels & Resorts were worth $384,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Park Hotels & Resorts by 2,193.3% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,784 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 3,619 shares during the last quarter. American International Group Inc. raised its position in shares of Park Hotels & Resorts by 170.0% in the 4th quarter. American International Group Inc. now owns 4,773 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 3,005 shares during the last quarter. Omnia Family Wealth LLC raised its position in shares of Park Hotels & Resorts by 172.1% in the 4th quarter. Omnia Family Wealth LLC now owns 5,025 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 3,178 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Park Hotels & Resorts in the 4th quarter worth about $202,000. Finally, Comerica Bank purchased a new position in shares of Park Hotels & Resorts in the 1st quarter worth about $203,000.

In other news, EVP Matthew Abram Sparks sold 12,877 shares of the company’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $29.87, for a total transaction of $384,635.99. Following the completion of the sale, the executive vice president now owns 46,931 shares of the company’s stock, valued at approximately $1,401,828.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.

Several research firms have recently issued reports on PK. Zacks Investment Research raised Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Saturday, May 12th. Deutsche Bank lifted their price target on Park Hotels & Resorts from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, February 9th. ValuEngine lowered Park Hotels & Resorts from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Boenning Scattergood reissued a “hold” rating on shares of Park Hotels & Resorts in a research report on Monday, May 7th. Finally, Nomura decreased their target price on Park Hotels & Resorts from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $37.45.

Shares of Park Hotels & Resorts opened at $31.45 on Friday, MarketBeat.com reports. Park Hotels & Resorts has a fifty-two week low of $23.91 and a fifty-two week high of $31.73. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 11.31, a price-to-earnings-growth ratio of 2.24 and a beta of 0.21.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Thursday, May 3rd. The financial services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.08. Park Hotels & Resorts had a return on equity of 6.57% and a net margin of 15.31%. The business had revenue of $668.00 million during the quarter, compared to analyst estimates of $646.90 million. During the same quarter in the previous year, the firm earned $0.64 EPS. Park Hotels & Resorts’s revenue was down 2.3% on a year-over-year basis. sell-side analysts forecast that Park Hotels & Resorts will post 2.8 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 5.47%. The ex-dividend date is Thursday, June 28th. Park Hotels & Resorts’s dividend payout ratio (DPR) is 61.87%.

About Park Hotels & Resorts

Park is a leading lodging REIT with a diverse portfolio of hotels and resorts with significant underlying real estate value. Park's portfolio consists of 55 premium-branded hotels and resorts with over 32,000 rooms located in prime United States and international markets with high barriers to entry.

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

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