17,838 Shares in Park Hotels & Resorts Inc. (NYSE:PK) Acquired by BIP Wealth LLC

BIP Wealth LLC bought a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 17,838 shares of the financial services provider’s stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new position in Park Hotels & Resorts in the 3rd quarter worth $33,000. Venturi Wealth Management LLC boosted its stake in shares of Park Hotels & Resorts by 281.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,841 shares in the last quarter. Quarry LP boosted its holdings in shares of Park Hotels & Resorts by 82.1% in the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 1,857 shares in the last quarter. Claro Advisors LLC bought a new stake in Park Hotels & Resorts during the 3rd quarter worth about $69,000. Finally, Covestor Ltd boosted its position in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after buying an additional 2,711 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PK. Wells Fargo & Company decreased their target price on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Friday, September 13th. UBS Group upped their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday. Truist Financial cut their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Bank of America decreased their target price on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Finally, StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.09.

Park Hotels & Resorts Price Performance

PK opened at $14.32 on Wednesday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 9.12, a PEG ratio of 0.80 and a beta of 2.02. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 12-month low of $13.23 and a 12-month high of $18.05. The stock has a 50-day moving average price of $14.36 and a 200-day moving average price of $14.77.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.51 earnings per share. Equities analysts predict that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.