Canada Pension Plan Investment Board Buys 126,100 Shares of Park Hotels & Resorts Inc (PK)

Canada Pension Plan Investment Board raised its stake in shares of Park Hotels & Resorts Inc (NYSE:PK) by 101.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 250,700 shares of the financial services provider’s stock after purchasing an additional 126,100 shares during the quarter. Canada Pension Plan Investment Board owned 0.12% of Park Hotels & Resorts worth $8,228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pzena Investment Management LLC acquired a new stake in Park Hotels & Resorts during the third quarter valued at approximately $284,000. Globeflex Capital L P acquired a new stake in Park Hotels & Resorts during the third quarter valued at approximately $252,000. BlackRock Inc. boosted its holdings in 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 purchasing an additional 741,598 shares in the last quarter. Martingale Asset Management L P boosted its holdings in 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 purchasing an additional 535,979 shares in the last quarter. Finally, CI Investments Inc. boosted its holdings in Park Hotels & Resorts by 4.0% during the third quarter. CI Investments Inc. now owns 340,000 shares of the financial services provider’s stock valued at $11,159,000 after purchasing an additional 13,200 shares in the last quarter.

NYSE:PK opened at $30.16 on Friday. Park Hotels & Resorts Inc has a 1 year low of $23.91 and a 1 year high of $34.27. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market capitalization of $6.10 billion, a PE ratio of 10.85, a PEG ratio of 2.21 and a beta of 0.99.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Thursday, November 1st. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $656.61 million. During the same quarter last year, the firm posted $0.66 EPS. The business’s revenue was down 5.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc will post 2.84 EPS for the current year.

PK has been the topic of a number of recent research reports. Zacks Investment Research downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Wells Fargo & Co decreased their price objective on Park Hotels & Resorts from $32.00 to $29.00 and set a “market perform” rating on the stock in a report on Friday, November 16th. Nomura lifted their price objective on Park Hotels & Resorts from $30.00 to $32.00 and gave the company a “buy” rating in a 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 report on Saturday, November 3rd. Finally, Evercore ISI downgraded Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a report on Monday, August 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $31.72.

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Park Hotels & Resorts Company 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.

Further Reading: Buyback

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

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