Franklin Resources Inc. Buys 76,192 Shares of Park Hotels & Resorts Inc. $PK

Franklin Resources Inc. raised its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 27.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 350,933 shares of the financial services provider’s stock after purchasing an additional 76,192 shares during the quarter. Franklin Resources Inc.’s holdings in Park Hotels & Resorts were worth $3,590,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PK. Bessemer Group Inc. boosted its stake in shares of Park Hotels & Resorts by 359.3% in the 2nd quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 2,411 shares during the last quarter. IFP Advisors Inc raised its stake in Park Hotels & Resorts by 469.0% during the second quarter. IFP Advisors Inc now owns 3,465 shares of the financial services provider’s stock worth $35,000 after buying an additional 2,856 shares during the last quarter. Allworth Financial LP lifted its holdings in Park Hotels & Resorts by 322.4% in the second quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock valued at $40,000 after buying an additional 2,992 shares during the period. Quarry LP boosted its position in Park Hotels & Resorts by 186.6% during the first quarter. Quarry LP now owns 7,170 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 4,668 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Park Hotels & Resorts by 71.7% during the 2nd quarter. GAMMA Investing LLC now owns 9,072 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 3,789 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

PK has been the topic of several research analyst reports. Citigroup lowered Park Hotels & Resorts from a “buy” rating to a “neutral” rating and cut their target price for the company from $13.00 to $12.00 in a research report on Tuesday, September 9th. Wells Fargo & Company cut their price target on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday. Cantor Fitzgerald assumed coverage on shares of Park Hotels & Resorts in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $12.00 price objective for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Park Hotels & Resorts in a research note on Monday. Finally, UBS Group raised their price target on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $11.00.

Park Hotels & Resorts Price Performance

Shares of PK opened at $10.58 on Wednesday. The business’s fifty day moving average is $10.76 and its 200 day moving average is $10.87. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37. The stock has a market cap of $2.11 billion, a P/E ratio of -151.07 and a beta of 1.45.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.08). Park Hotels & Resorts had a negative return on equity of 1.25% and a negative net margin of 0.47%.The business had revenue of $610.00 million for the quarter, compared to analyst estimates of $617.05 million. During the same quarter in the previous year, the company posted $0.49 EPS. The business’s quarterly revenue was down 6.0% on a year-over-year basis. Park Hotels & Resorts has set its FY 2025 guidance at 1.850-1.970 EPS. Sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.5%. The ex-dividend date is Wednesday, December 31st. Park Hotels & Resorts’s dividend payout ratio is currently -1,428.57%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.