The Vanguard Group, Inc. 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 2.29% to 32.14 million shares with purchase of 0.72 million shares. This fresh investment now brings its stake to 14.30% valued currently at $441.98 million. In addition, BlackRock Fund Advisors raised its holdings by 0.63 million to 21.47 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.24% or 0.28 million shares – to 12.83 million shares.
With over 5.97 million Park Hotels & Resorts Inc. (PK) shares trading Friday and a closing price of $12.46 on the day, the dollar volume was approximately $74.39 million. The shares have shown a negative half year performance of -11.62% and its price on 03/10/23 lost nearly -4.67%. Currently, there are 225.00M common shares owned by the public and among those 216.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for PK have a consensus price objective of $16.46. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $13.00. The average price target is 25.52% above its recent price level and an upside to the estimated low will see the stock gain 4.15% over that period. But an upside of 50.16% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
Insiders at the company have transacted a total of 32 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 366,138 shares. Insider sales of the common stock occurred on 2 occasions, with total insider shares sold totaling 8,000 shares.
The top 3 mutual fund holders in Park Hotels & Resorts Inc. are Vanguard Real Estate Index Fund, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market Index. Vanguard Real Estate Index Fund owns 10.03 million shares of the company’s stock, all valued at over $137.92 million. The company sold 9077.0 shares recently to bring their total holdings to about 4.46% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 15924.0 shares to see its total holdings expand to 7.03 million shares valued at over $96.6 million and representing 3.13% of the shares outstanding. Vanguard Total Stock Market Index bought 9999.0 shares to bring its total holdings to over 6.5 million shares at a value of $89.38 million. Vanguard Total Stock Market Index now owns shares totaling to 2.89% of the shares outstanding.
Shares of Park Hotels & Resorts Inc. (NYSE: PK) opened at $13.00, down -$0.07 from a prior closing price of $13.07. However, the script later moved the day high at 13.05, down -4.67%. The company’s stock has a 5-day price change of -11.44% and 6.26% over the past three months. PK shares are trading 5.68% year to date (YTD), with the 12-month market performance down to -32.24% lower. It has a 12-month low price of $10.80 and touched a high of $20.34 over the same period. PK has an average intraday trading volume of 3.27 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 -10.92%, -7.16%, and -8.31% respectively.
Institutional ownership of Park Hotels & Resorts Inc. (NYSE: PK) shares accounts for 92.70% of the company’s 225.00M shares outstanding. Mutual fund holders own 47.29%, while other institutional holders and individual stakeholders account for 9.19% and 43.99% respectively.
It has a market capitalization of $2.90B and a beta (3y monthly) value of 2.01. The stock’s trailing 12-month PE ratio is 17.23, while the earnings-per-share (ttm) stands at $0.72. The company has a debt-to-equity ratio at 1.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.95% over the week and 3.05% over the month.
Analysts forecast that Park Hotels & Resorts Inc. (PK) will achieve an EPS of $0.09 for the current quarter, $0.08 for the next quarter and $0.51 for 2023. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.14. Comparatively, EPS for the current quarter was -$0.28 a year ago. Earnings per share for the fiscal year are expected to increase by 136.50%, and 10.32% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Park Hotels & Resorts Inc. (PK) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 9 of the 17 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the PK, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on December 05, 2022, with the firm’s price target at $15. Wells Fargo coverage for the Park Hotels & Resorts Inc. (PK) stock in a research note released on August 29, 2022 offered a Overweight rating with a price target of $17. BMO Capital Markets was of a view on August 16, 2022 that the stock is Market Perform, while SMBC Nikko gave the stock Neutral rating on August 08, 2022, issuing a price target of $16. Evercore ISI on their part issued In-line rating on July 11, 2022.
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