Credit Suisse AG Decreases Holdings in Park Hotels & Resorts Inc (PK)

Credit Suisse AG decreased its position in Park Hotels & Resorts Inc (NYSE:PK) by 5.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 471,817 shares of the financial services provider’s stock after selling 28,635 shares during the quarter. Credit Suisse AG’s holdings in Park Hotels & Resorts were worth $15,485,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Canada Pension Plan Investment Board boosted its position in shares of Park Hotels & Resorts by 101.2% during the third quarter. Canada Pension Plan Investment Board now owns 250,700 shares of the financial services provider’s stock valued at $8,228,000 after buying an additional 126,100 shares during the last quarter. Pzena Investment Management LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter valued at $284,000. Globeflex Capital L P purchased a new stake in shares of Park Hotels & Resorts during the third quarter valued at $252,000. BlackRock Inc. boosted its position in shares of Park Hotels & Resorts by 4.6% during the third quarter. BlackRock Inc. now owns 16,998,104 shares of the financial services provider’s stock valued at $557,876,000 after buying an additional 741,598 shares during the last quarter. Finally, Martingale Asset Management L P boosted its position in shares of Park Hotels & Resorts by 105.1% during the third quarter. Martingale Asset Management L P now owns 1,045,903 shares of the financial services provider’s stock valued at $34,328,000 after buying an additional 535,979 shares during the last quarter.

Several equities research analysts recently commented on PK shares. Wells Fargo & Co dropped their price objective on Park Hotels & Resorts from $32.00 to $29.00 and set a “market perform” rating on the stock in a research report on Friday, November 16th. Nomura increased their price objective on Park Hotels & Resorts from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, November 2nd. Deutsche Bank set a $32.00 price objective on Park Hotels & Resorts and gave the company a “hold” rating in a research report on Saturday, November 3rd. Zacks Investment Research cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, November 9th. Finally, Evercore ISI cut Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research report on Monday, August 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $31.72.

Shares of NYSE:PK opened at $30.30 on Thursday. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 2.29 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55. Park Hotels & Resorts Inc has a 52-week low of $23.91 and a 52-week high of $34.27.

Park Hotels & Resorts (NYSE:PK) last announced its 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). The firm had revenue of $652.00 million during the quarter, compared to analysts’ expectations of $656.61 million. Park Hotels & Resorts had a return on equity of 8.27% and a net margin of 17.46%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.66 earnings per share. As a group, equities analysts anticipate that Park Hotels & Resorts Inc will post 2.84 EPS for the current year.

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Park Hotels & Resorts Profile

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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