Cbre Clarion Securities LLC Invests $14.42 Million in Park Hotels & Resorts Inc. (NYSE:PK)

Cbre Clarion Securities LLC acquired a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the 1st quarter, Holdings Channel reports. The fund acquired 668,233 shares of the financial services provider’s stock, valued at approximately $14,420,000.

Several other large investors also recently modified their holdings of PK. Victory Capital Management Inc. lifted its position in shares of Park Hotels & Resorts by 6.6% during the 4th quarter. Victory Capital Management Inc. now owns 35,918 shares of the financial services provider’s stock worth $616,000 after buying an additional 2,209 shares during the last quarter. California Public Employees Retirement System increased its holdings in shares of Park Hotels & Resorts by 9.0% in the 4th quarter. California Public Employees Retirement System now owns 589,692 shares of the financial services provider’s stock valued at $10,113,000 after acquiring an additional 48,553 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Park Hotels & Resorts by 5,671.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,086,811 shares of the financial services provider’s stock valued at $52,939,000 after acquiring an additional 3,033,324 shares during the period. US Bancorp DE increased its holdings in shares of Park Hotels & Resorts by 5.8% in the 4th quarter. US Bancorp DE now owns 17,742 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 978 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Park Hotels & Resorts by 314.9% in the 4th quarter. SG Americas Securities LLC now owns 150,228 shares of the financial services provider’s stock valued at $2,576,000 after acquiring an additional 114,024 shares during the period. Institutional investors and hedge funds own 90.30% of the company’s stock.

In other news, Director Stephen I. Sadove sold 11,248 shares of the company’s stock in a transaction on Thursday, May 13th. The shares were sold at an average price of $21.43, for a total transaction of $241,044.64. Following the transaction, the director now directly owns 54,810 shares of the company’s stock, valued at approximately $1,174,578.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.

Shares of NYSE:PK traded up $0.17 on Friday, reaching $21.40. 39,145 shares of the company were exchanged, compared to its average volume of 3,197,940. The company has a current ratio of 4.71, a quick ratio of 4.71 and a debt-to-equity ratio of 1.10. Park Hotels & Resorts Inc. has a 1-year low of $7.95 and a 1-year high of $24.67. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -5.31 and a beta of 2.23. The stock’s 50-day simple moving average is $21.46.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Thursday, May 6th. The financial services provider reported ($0.81) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.25). Park Hotels & Resorts had a negative return on equity of 18.96% and a negative net margin of 225.36%. The company had revenue of $165.00 million for the quarter, compared to analyst estimates of $134.27 million. During the same period last year, the company earned $0.24 earnings per share. The business’s revenue for the quarter was down 72.5% compared to the same quarter last year. As a group, analysts expect that Park Hotels & Resorts Inc. will post -0.96 earnings per share for the current year.

A number of equities analysts have recently commented on PK shares. Compass Point raised shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and lifted their target price for the company from $18.00 to $26.00 in a report on Monday, March 1st. Truist Securities lifted their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 in a report on Thursday, March 18th. Zacks Investment Research cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Park Hotels & Resorts from $22.00 to $23.00 and gave the company a “hold” rating in a research note on Monday, May 10th. Finally, Truist boosted their price objective on shares of Park Hotels & Resorts from $14.00 to $18.00 in a research note on Thursday, March 18th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Park Hotels & Resorts currently has an average rating of “Hold” and a consensus price target of $17.10.

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 currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.

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

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