Park Hotels & Resorts Inc. (NYSE:PK) Stake Increased by Covestor Ltd

Covestor Ltd increased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 51.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,436 shares of the financial services provider’s stock after purchasing an additional 3,542 shares during the quarter. Covestor Ltd’s holdings in Park Hotels & Resorts were worth $147,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PK. Norges Bank purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $41,087,000. Invesco Ltd. raised its stake in shares of Park Hotels & Resorts by 84.0% during the 4th quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider’s stock worth $39,929,000 after purchasing an additional 1,295,548 shares in the last quarter. Donald Smith & CO. Inc. raised its stake in shares of Park Hotels & Resorts by 13.9% during the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock worth $129,446,000 after purchasing an additional 1,122,839 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of Park Hotels & Resorts during the 4th quarter valued at about $14,890,000. Finally, Arrowstreet Capital Limited Partnership grew its stake 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. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday. Wells Fargo & Company lowered their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Truist Financial reduced their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. UBS Group cut their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Finally, Jefferies Financial Group downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating and lowered their price target for the company from $19.00 to $10.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.39.

Park Hotels & Resorts Price Performance

Shares of PK stock opened at $9.52 on Friday. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $17.40. The company has a market capitalization of $1.92 billion, a P/E ratio of 9.42, a P/E/G ratio of 1.51 and a beta of 1.73. The stock has a 50 day moving average of $11.58 and a two-hundred day moving average of $13.43. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27.

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

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 10.51%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

About Park Hotels & Resorts

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.