Principal Global Investors LLC recently announced the acquisition of new stake in Park Hotels & Resorts Inc. (NYSE:PK). The institutional investor has increased its shareholding in the Real Estate company by 31.94% to 10.25 million shares with purchase of 2.48 million shares. This fresh investment now brings its stake to 4.35% valued currently at $84.8 million. In addition, Vulcan Value Partners LLC raised its holdings by 1.1 million to 5.58 million shares. And Northern Trust Investments, Inc.(. has lifted its position by 5.86% or 0.23 million shares – to 4.06 million shares.
With over 4.0 million Park Hotels & Resorts Inc. (PK) shares trading Monday and a closing price of $9.31 on the day, the dollar volume was approximately $37.26 million. The shares have shown a positive weekly performance of 5.44% and its price on 08/24/20 gained nearly 6.04%. Currently, there are 235.00M common shares owned by the public and among those 233.61M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for PK have a consensus price objective of $9.25. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $6.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Park Hotels & Resorts Inc. stock is 3.40 for the next 12 months. The average price target is 1.17% above its last price level and an upside to the estimated low will see the stock lose -43.23% over that period. But an upside of 28.38% will see the stock hit the forecast high price target while mean target price for the stock is $9.00.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 66 of these insider trades were purchases, accounting for 1,035,726 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 228,061 shares.
The top 3 mutual fund holders in Park Hotels & Resorts Inc. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market Index, and iShares Core S&P Mid Cap ETF. Vanguard Real Estate Index Fund owns 10.7 million shares of the company’s stock, all valued at over $88.47 million. The company sold 94913.0 shares recently to bring their total holdings to about 4.54% of the shares outstanding. Vanguard Total Stock Market Index sold 3133.0 shares to see its total holdings shrink to 6.67 million shares valued at over $55.18 million and representing 2.83% of the shares outstanding. iShares Core S&P Mid Cap ETF sold 62597.0 shares to bring its total holdings to over 6.23 million shares at a value of $51.52 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 2.64% of the shares outstanding.
Shares of Park Hotels & Resorts Inc. (NYSE: PK) opened at $8.90, up $0.12 from a prior closing price of $8.78. However, the script later closed the day at $9.31, up 6.04%. The company’s stock has a 5-day price change of 5.44% and -8.64% over the past three months. PK shares are trading -64.01% year to date (YTD), with the 12-month market performance down to -60.23% lower. It has a 12-month low price of $3.99 and touched a high of $27.03 over the same period. Currently, 4.0 million shares have been traded, compared to an average intraday trading volume of 7.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.50%, -1.63%, and -37.97% respectively.
Institutional ownership of Park Hotels & Resorts Inc. (NYSE: PK) shares accounts for 82.90% of the company’s 235.00M shares outstanding. Mutual fund holders own 52.16%, while other institutional holders and individual stakeholders account for 8.29% and 30.59% respectively.
It has a market capitalization of $2.22B and a beta (3y monthly) value of 1.97. The earnings-per-share (ttm) stands at -$3.45. The company has a debt-to-equity ratio at 0.95. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.11% over the week and 6.24% over the month.
Analysts forecast that Park Hotels & Resorts Inc. (PK) will achieve an EPS of -$0.81 for the current quarter, -$0.63 for the next quarter and -$1.33 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.93 while analysts give the company a high EPS estimate of -$0.68. Comparatively, EPS for the current quarter was $0.02 a year ago. Earnings per share for the fiscal year are expected to decrease by -39.30%, and 75.50% over the next financial year. EPS should shrink at an annualized rate of -3.50% over the next five years, compared to 10.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Park Hotels & Resorts Inc. (PK) as a “Hold” at a consensus score of 3.40. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 8 of the 14 advise that investors “hold,” and 4 rated it as a “Sell.”
Looking at the support for the PK, a number of firms have released research notes about the stock. Evercore ISI stated their In-line rating for the stock in a research note on July 28, 2020, with the firm’s price target at. SunTrust coverage for the Park Hotels & Resorts Inc. (PK) stock in a research note released on July 24, 2020 offered a Sell rating with a price target of. CapitalOne was of a view on June 29, 2020 that the stock is Equal Weight, while Raymond James gave the stock Outperform rating on June 08, 2020, issuing a price target of $16. Wells Fargo on their part issued Underweight rating on April 07, 2020.