Park Hotels & Resorts Inc. (NYSE:PK) Stake Lessened by PGGM Investments

PGGM Investments lowered its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 86.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 433,873 shares of the financial services provider’s stock after selling 2,877,069 shares during the period. PGGM Investments’ holdings in Park Hotels & Resorts were worth $6,638,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PK. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Park Hotels & Resorts by 3,694.6% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,355,522 shares of the financial services provider’s stock valued at $20,739,000 after purchasing an additional 1,319,800 shares in the last quarter. abrdn plc raised its holdings in shares of Park Hotels & Resorts by 1,893.0% during the fourth quarter. abrdn plc now owns 915,866 shares of the financial services provider’s stock worth $14,013,000 after acquiring an additional 869,913 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Park Hotels & Resorts by 200.0% during the third quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the financial services provider’s stock worth $11,088,000 after acquiring an additional 600,000 shares in the last quarter. UBS Group AG raised its holdings in shares of Park Hotels & Resorts by 548.2% during the third quarter. UBS Group AG now owns 552,839 shares of the financial services provider’s stock worth $6,811,000 after acquiring an additional 467,554 shares in the last quarter. Finally, LSV Asset Management purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth $5,178,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK traded up $0.24 during trading on Friday, reaching $16.57. The stock had a trading volume of 1,528,051 shares, compared to its average volume of 1,963,864. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05. The business’s 50-day moving average price is $16.91 and its 200 day moving average price is $15.43. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30. The stock has a market capitalization of $3.49 billion, a PE ratio of 36.02, a P/E/G ratio of 0.85 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The company had revenue of $657.00 million during the quarter, compared to analysts’ expectations of $665.16 million. As a group, equities analysts predict that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 217.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PK shares. Wells Fargo & Company raised their price target on Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Truist Financial lifted their target price on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. UBS Group lifted their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 6th. Barclays lifted their target price on Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Finally, Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.58.

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.