Thrivent Financial for Lutherans Trims Position in Park Hotels & Resorts Inc. $PK

Thrivent Financial for Lutherans decreased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 87.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 122,612 shares of the financial services provider’s stock after selling 824,482 shares during the period. Thrivent Financial for Lutherans’ holdings in Park Hotels & Resorts were worth $1,359,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PK. California State Teachers Retirement System increased its position in Park Hotels & Resorts by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 192,452 shares of the financial services provider’s stock valued at $1,969,000 after acquiring an additional 968 shares during the period. Kera Capital Partners Inc. lifted its position in Park Hotels & Resorts by 13.3% during the 3rd quarter. Kera Capital Partners Inc. now owns 14,583 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 1,714 shares during the period. Pitcairn Co. grew its stake in shares of Park Hotels & Resorts by 13.7% in the 2nd quarter. Pitcairn Co. now owns 15,029 shares of the financial services provider’s stock valued at $154,000 after purchasing an additional 1,814 shares during the last quarter. Arrow Investment Advisors LLC increased its holdings in shares of Park Hotels & Resorts by 10.7% in the third quarter. Arrow Investment Advisors LLC now owns 19,461 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,880 shares during the period. Finally, Accel Wealth Management raised its stake in shares of Park Hotels & Resorts by 20.0% during the third quarter. Accel Wealth Management now owns 12,000 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research report on Friday, January 16th. Truist Financial reduced their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Tuesday, February 3rd. Wells Fargo & Company lowered their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, December 1st. Zacks Research lowered shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 14th. Finally, Evercore cut their price target on shares of Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a report on Thursday, November 20th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Reduce” and an average target price of $11.27.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $11.21 on Friday. The firm’s fifty day simple moving average is $11.05 and its 200-day simple moving average is $11.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37. The stock has a market cap of $2.24 billion, a PE ratio of -160.07 and a beta of 1.45. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $13.22.

Insiders Place Their Bets

In related news, Director Christie B. Kelly bought 2,949 shares of the stock in a transaction on Wednesday, January 14th. The shares were bought at an average cost of $11.19 per share, for a total transaction of $32,999.31. Following the completion of the transaction, the director owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This represents a 2.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.90% of the company’s stock.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.