Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 12.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,129 shares of the financial services provider’s stock after selling 50,376 shares during the period. California Public Employees Retirement System owned about 0.17% of Park Hotels & Resorts worth $4,997,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Park Hotels & Resorts by 18.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after buying an additional 1,056,188 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in Park Hotels & Resorts by 4.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 66,878 shares of the financial services provider’s stock valued at $941,000 after acquiring an additional 3,019 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Park Hotels & Resorts by 6.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 282,500 shares of the financial services provider’s stock worth $3,975,000 after purchasing an additional 18,200 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Park Hotels & Resorts during the fourth quarter worth about $1,650,000. Finally, Norges Bank purchased a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at about $41,087,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial dropped their price target on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Wells Fargo & Company reduced their price target on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. UBS Group lowered their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. Finally, Jefferies Financial Group lowered their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.72.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK opened at $8.83 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The company has a 50-day moving average price of $11.86 and a 200 day moving average price of $13.57. Park Hotels & Resorts Inc. has a 52 week low of $8.62 and a 52 week high of $17.78. The company has a market cap of $1.78 billion, a P/E ratio of 8.75, a PEG ratio of 1.51 and a beta of 1.73.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Research analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.32%. Park Hotels & Resorts’s dividend payout ratio is presently 99.01%.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.