Rhumbline Advisers Trims Position in Park Hotels & Resorts Inc (PK)

Rhumbline Advisers decreased its position in shares of Park Hotels & Resorts Inc (NYSE:PK) by 5.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 198,213 shares of the financial services provider’s stock after selling 11,862 shares during the period. Rhumbline Advisers owned 0.10% of Park Hotels & Resorts worth $6,505,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Greenleaf Trust boosted its position in Park Hotels & Resorts by 9.9% during the second quarter. Greenleaf Trust now owns 22,782 shares of the financial services provider’s stock valued at $698,000 after purchasing an additional 2,050 shares during the last quarter. Moody Aldrich Partners LLC acquired a new stake in Park Hotels & Resorts during the second quarter valued at $66,375,000. Envestnet Asset Management Inc. boosted its position in Park Hotels & Resorts by 94.6% during the second quarter. Envestnet Asset Management Inc. now owns 5,371 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 2,611 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Park Hotels & Resorts by 1.1% during the second quarter. Public Employees Retirement System of Ohio now owns 314,283 shares of the financial services provider’s stock valued at $9,626,000 after purchasing an additional 3,276 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its position in Park Hotels & Resorts by 32.6% during the second quarter. Nissay Asset Management Corp Japan ADV now owns 13,591 shares of the financial services provider’s stock valued at $416,000 after purchasing an additional 3,344 shares during the last quarter.

A number of brokerages have weighed in on PK. Evercore ISI cut Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research report on Monday, August 20th. Zacks Investment Research cut Park Hotels & Resorts from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Wells Fargo & Co reduced their price target on Park Hotels & Resorts from $32.00 to $29.00 and set a “market perform” rating for the company in a research report on Friday, November 16th. Deutsche Bank set a $32.00 price target on Park Hotels & Resorts and gave the stock a “hold” rating in a research report on Saturday, November 3rd. Finally, Nomura boosted their price target on Park Hotels & Resorts from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, November 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $31.72.

Shares of PK opened at $30.30 on Wednesday. Park Hotels & Resorts Inc has a 12-month low of $23.91 and a 12-month high of $34.27. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market cap of $6.20 billion, a P/E ratio of 10.90, a PEG ratio of 2.29 and a beta of 0.99.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Thursday, November 1st. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.38). Park Hotels & Resorts had a net margin of 17.46% and a return on equity of 8.27%. The firm had revenue of $652.00 million for the quarter, compared to the consensus estimate of $656.61 million. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. Analysts anticipate that Park Hotels & Resorts Inc will post 2.84 EPS for the current fiscal year.

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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 consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.

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

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