Park Hotels & Resorts Inc (PK) Stake Lessened by Assetmark Inc.

Assetmark Inc. decreased its holdings in shares of Park Hotels & Resorts Inc (NYSE:PK) by 2.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 328,031 shares of the financial services provider’s stock after selling 6,867 shares during the period. Assetmark Inc. owned about 0.16% of Park Hotels & Resorts worth $10,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in PK. Riverhead Capital Management LLC increased its position in shares of Park Hotels & Resorts by 404.9% during the 3rd quarter. Riverhead Capital Management LLC now owns 61,600 shares of the financial services provider’s stock worth $2,022,000 after purchasing an additional 49,400 shares during the last quarter. People s United Financial Inc. increased its position in shares of Park Hotels & Resorts by 91.7% during the 3rd quarter. People s United Financial Inc. now owns 55,219 shares of the financial services provider’s stock worth $1,812,000 after purchasing an additional 26,409 shares during the last quarter. Poehling Capital Management LLC increased its position in shares of Park Hotels & Resorts by 23.4% during the 3rd quarter. Poehling Capital Management LLC now owns 92,896 shares of the financial services provider’s stock worth $3,049,000 after purchasing an additional 17,644 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Park Hotels & Resorts by 605.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 913,531 shares of the financial services provider’s stock worth $29,982,000 after purchasing an additional 784,031 shares during the last quarter. Finally, Raymond James Trust N.A. increased its position in shares of Park Hotels & Resorts by 53.5% during the 3rd quarter. Raymond James Trust N.A. now owns 12,450 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 4,339 shares during the last quarter.

A number of brokerages recently issued reports on PK. Evercore ISI downgraded Park Hotels & Resorts from an “outperform” rating to an “in-line” rating in a research report on Monday, August 20th. Zacks Investment Research downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Wells Fargo & Co cut their price objective 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 objective on Park Hotels & Resorts and gave the stock a “hold” rating in a research report on Saturday, November 3rd. Finally, Nomura raised their price objective 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 investment 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. Park Hotels & Resorts presently has an average rating of “Hold” and an average target price of $31.72.

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

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Thursday, November 1st. The financial services provider reported $0.26 earnings per share 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 analyst estimates of $656.61 million. Park Hotels & Resorts had a net margin of 17.46% and a return on equity of 8.27%. The business’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 earnings per share. On average, sell-side analysts forecast that Park Hotels & Resorts Inc will post 2.84 earnings per share 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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