Park Hotels & Resorts Inc. (NYSE:PK) Stock Rating Upgraded by Zacks Investment Research

Park Hotels & Resorts Inc. (NYSE:PK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $30.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 15.25% from the stock’s previous close.

According to Zacks, “Park Hotels & Resorts Inc. is a lodging Real Estate Company. The company operates luxury hotels and resorts in USA and international market. Park Hotels & Resorts Inc. is based in Mc Lean, Virginia. “

PK has been the topic of several other reports. Canaccord Genuity lowered their price objective on Park Hotels & Resorts from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Boenning Scattergood set a $29.00 price objective on Park Hotels & Resorts and gave the stock a “buy” rating in a report on Friday, August 4th. Jefferies Group LLC lifted their price objective on Park Hotels & Resorts from $58.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, June 20th. Cowen and Company lifted their price objective on Park Hotels & Resorts from $61.00 to $70.00 and gave the stock a “market perform” rating in a report on Tuesday, June 20th. Finally, J P Morgan Chase & Co began coverage on Park Hotels & Resorts in a report on Thursday, June 15th. They issued an “overweight” rating and a $30.00 price objective on the stock. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $34.80.

Park Hotels & Resorts (PK) opened at 26.03 on Tuesday. The company has a market cap of $5.59 billion and a price-to-earnings ratio of 2.23. The stock has a 50 day moving average price of $26.91 and a 200-day moving average price of $26.56. Park Hotels & Resorts has a 1-year low of $24.65 and a 1-year high of $30.74.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.04. The business had revenue of $733 million for the quarter, compared to analyst estimates of $716.51 million. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities research analysts forecast that Park Hotels & Resorts will post $11.94 EPS for the current year.

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In related news, Director Stephen I. Sadove bought 9,600 shares of the stock in a transaction dated Friday, August 4th. The shares were acquired at an average cost of $25.97 per share, for a total transaction of $249,312.00. Following the acquisition, the director now directly owns 20,151 shares in the company, valued at approximately $523,321.47. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PK. Lasalle Investment Management Securities LLC boosted its position in shares of Park Hotels & Resorts by 0.7% in the second quarter. Lasalle Investment Management Securities LLC now owns 4,607,476 shares of the financial services provider’s stock valued at $124,218,000 after buying an additional 32,606 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Park Hotels & Resorts by 135.5% in the second quarter. Prudential Financial Inc. now owns 3,296,991 shares of the financial services provider’s stock valued at $88,886,000 after buying an additional 1,896,731 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Park Hotels & Resorts by 130.4% in the second quarter. Principal Financial Group Inc. now owns 3,230,782 shares of the financial services provider’s stock valued at $87,102,000 after buying an additional 1,828,408 shares in the last quarter. APG Asset Management US Inc. boosted its position in shares of Park Hotels & Resorts by 66.3% in the second quarter. APG Asset Management US Inc. now owns 1,550,000 shares of the financial services provider’s stock valued at $41,788,000 after buying an additional 618,229 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Park Hotels & Resorts by 278.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,219,821 shares of the financial services provider’s stock valued at $32,887,000 after buying an additional 897,527 shares in the last quarter. Institutional investors and hedge funds own 97.07% of the company’s stock.

About Park Hotels & Resorts

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.

Analyst Recommendations for Park Hotels & Resorts (NYSE:PK)

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