Foundry Partners LLC Acquires New Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Foundry Partners LLC acquired a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the third quarter, HoldingsChannel.com reports. The fund acquired 655,202 shares of the financial services provider’s stock, valued at approximately $9,238,000.

Several other hedge funds also recently made changes to their positions in the company. Intech Investment Management LLC grew its stake in shares of Park Hotels & Resorts by 28.1% during the 3rd quarter. Intech Investment Management LLC now owns 136,310 shares of the financial services provider’s stock worth $1,922,000 after purchasing an additional 29,894 shares during the period. BIP Wealth LLC purchased a new position in Park Hotels & Resorts in the 3rd quarter valued at approximately $252,000. Claro Advisors LLC acquired a new position in Park Hotels & Resorts during the third quarter worth $161,000. Northeast Financial Group Inc. purchased a new stake in shares of Park Hotels & Resorts in the 3rd quarter worth about $1,308,000. Finally, Metis Global Partners LLC lifted its holdings in shares of Park Hotels & Resorts by 30.5% in the third quarter. Metis Global Partners LLC now owns 21,514 shares of the financial services provider’s stock valued at $303,000 after purchasing an additional 5,023 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PK. Bank of America lowered their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. UBS Group lifted their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday. Compass Point reduced their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Wolfe Research downgraded shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company reduced their price objective on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.09.

Park Hotels & Resorts Stock Down 0.8 %

Shares of NYSE PK opened at $14.19 on Thursday. Park Hotels & Resorts Inc. has a 52-week low of $13.23 and a 52-week high of $18.05. The stock has a market capitalization of $2.93 billion, a PE ratio of 9.04, a P/E/G ratio of 0.79 and a beta of 2.02. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The firm has a fifty day moving average of $14.38 and a 200-day moving average of $14.76.

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

Park Hotels & Resorts Profile

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.