Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Private Management Group Inc.

Private Management Group Inc. decreased its position in Park Hotels & Resorts Inc. (NYSE:PK) by 0.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,195,439 shares of the financial services provider’s stock after selling 17,212 shares during the period. Park Hotels & Resorts makes up about 1.4% of Private Management Group Inc.’s investment portfolio, making the stock its 12th largest position. Private Management Group Inc.’s holdings in Park Hotels & Resorts were worth $36,993,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FNY Investment Advisers LLC acquired a new position in Park Hotels & Resorts during the fourth quarter valued at $42,000. Spire Wealth Management raised its position in Park Hotels & Resorts by 20.1% during the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock valued at $63,000 after buying an additional 860 shares during the period. Covestor Ltd raised its position in Park Hotels & Resorts by 31.5% during the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,340 shares during the period. Signaturefd LLC raised its position in Park Hotels & Resorts by 12.7% during the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after buying an additional 727 shares during the period. Finally, L2 Asset Management LLC acquired a new position in Park Hotels & Resorts during the third quarter valued at $130,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PK. Truist Financial upped their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Barclays upped their price target on Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and upped their target price for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. Wells Fargo & Company upped their target price on Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Finally, StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Park Hotels & Resorts currently has a consensus rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts Stock Up 2.3 %

Shares of NYSE PK traded up $0.38 during mid-day trading on Tuesday, reaching $16.73. 2,252,164 shares of the company traded hands, compared to its average volume of 2,803,319. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.30 and a current ratio of 1.30. The stock has a market cap of $3.52 billion, a PE ratio of 36.37, a price-to-earnings-growth ratio of 0.61 and a beta of 2.03. The company’s fifty day moving average is $16.82 and its two-hundred day moving average is $15.36. Park Hotels & Resorts Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. The business had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. On average, analysts expect that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 5.98%. Park Hotels & Resorts’s payout ratio is 217.39%.

Park Hotels & Resorts Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.