Park Hotels & Resorts Inc. (NYSE:PK) Director Stephen I. Sadove Purchases 9,600 Shares

Park Hotels & Resorts Inc. (NYSE:PK) Director Stephen I. Sadove purchased 9,600 shares of the business’s stock in a transaction on Friday, August 4th. The shares were purchased at an average cost of $25.97 per share, for a total transaction of $249,312.00. Following the transaction, the director now directly owns 20,151 shares of the company’s stock, valued at approximately $523,321.47. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Park Hotels & Resorts Inc. (PK) opened at 26.03 on Thursday. The company has a market cap of $5.59 billion and a PE ratio of 2.23. The stock’s 50 day moving average is $26.91 and its 200-day moving average is $26.56. Park Hotels & Resorts Inc. has a 52-week low of $24.65 and a 52-week high of $30.74.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The company had revenue of $733 million for the quarter, compared to the consensus estimate of $716.51 million. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts predict that Park Hotels & Resorts Inc. will post $11.93 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date of this dividend is Thursday, September 28th.

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A number of analysts have commented on the stock. Zacks Investment Research raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Thursday, May 18th. UBS AG assumed coverage on shares of Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a “neutral” rating on the stock. Boenning Scattergood set a $29.00 price target on shares of Park Hotels & Resorts and gave the company a “buy” rating in a research report on Friday, August 4th. Canaccord Genuity cut their price target on shares of Park Hotels & Resorts from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Friday, August 4th. Finally, Susquehanna Bancshares Inc assumed coverage on shares of Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a “neutral” rating and a $28.00 price target on the stock. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $34.80.

Several large investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in shares of Park Hotels & Resorts by 3,050.7% in the second quarter. Parallel Advisors LLC now owns 4,789 shares of the financial services provider’s stock worth $129,000 after buying an additional 4,637 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Park Hotels & Resorts by 53.9% in the second quarter. Pacer Advisors Inc. now owns 5,938 shares of the financial services provider’s stock worth $160,000 after buying an additional 2,080 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Park Hotels & Resorts by 148.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,962 shares of the financial services provider’s stock worth $242,000 after buying an additional 5,360 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Park Hotels & Resorts by 7.1% in the second quarter. CIBC Asset Management Inc now owns 9,416 shares of the financial services provider’s stock worth $254,000 after buying an additional 624 shares during the last quarter. Finally, Federated Investors Inc. PA raised its stake in shares of Park Hotels & Resorts by 4,029.2% in the second quarter. Federated Investors Inc. PA now owns 9,745 shares of the financial services provider’s stock worth $263,000 after buying an additional 9,509 shares during the last quarter. 97.07% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.

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