Legal & General Group Plc Trims Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Legal & General Group Plc trimmed its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,285,026 shares of the financial services provider’s stock after selling 126,471 shares during the quarter. Legal & General Group Plc’s holdings in Park Hotels & Resorts were worth $18,080,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. MML Investors Services LLC raised its holdings in Park Hotels & Resorts by 55.1% during the third quarter. MML Investors Services LLC now owns 24,634 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 8,749 shares in the last quarter. Barclays PLC lifted its holdings in shares of Park Hotels & Resorts by 22.4% in the 3rd quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock valued at $4,507,000 after buying an additional 58,432 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Park Hotels & Resorts in the third quarter valued at approximately $477,000. Tidal Investments LLC grew its holdings in Park Hotels & Resorts by 5.5% during the third quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 1,020 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Park Hotels & Resorts by 43.6% in the third quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after acquiring an additional 208,877 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Up 0.9 %

Shares of PK opened at $9.63 on Tuesday. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $17.26. The firm has a market capitalization of $1.94 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. The stock’s fifty day simple moving average is $11.51 and its 200 day simple moving average is $13.39.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share 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 firm had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 10.38%. Park Hotels & Resorts’s dividend payout ratio is currently 99.01%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PK shares. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Jefferies Financial Group cut Park Hotels & Resorts from a “buy” rating to a “hold” rating and dropped their price target for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. Truist Financial decreased their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating on the stock in a research report 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, Wells Fargo & Company lowered their price target on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Park Hotels & Resorts currently has a consensus rating of “Hold” and a consensus target price of $16.39.

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.