Comerica Bank Reduces Position in Park Hotels & Resorts Inc. (NYSE:PK)

Comerica Bank cut its position in shares of Park Hotels & Resorts Inc. (NYSE:PKGet Rating) by 5.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 78,109 shares of the financial services provider’s stock after selling 4,720 shares during the period. Comerica Bank’s holdings in Park Hotels & Resorts were worth $979,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Strs Ohio boosted its position in Park Hotels & Resorts by 27.9% in the 3rd quarter. Strs Ohio now owns 1,223,823 shares of the financial services provider’s stock valued at $13,780,000 after buying an additional 266,594 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Park Hotels & Resorts by 1,002.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 61,325 shares of the financial services provider’s stock valued at $690,000 after buying an additional 55,760 shares during the period. Mirabella Financial Services LLP boosted its position in Park Hotels & Resorts by 28.6% in the 3rd quarter. Mirabella Financial Services LLP now owns 23,367 shares of the financial services provider’s stock valued at $263,000 after buying an additional 5,194 shares during the period. Wipfli Financial Advisors LLC purchased a new stake in Park Hotels & Resorts in the 3rd quarter valued at about $45,000. Finally, Janney Montgomery Scott LLC purchased a new stake in Park Hotels & Resorts in the 3rd quarter valued at about $744,000. 89.42% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Trading Up 0.9 %

NYSE PK opened at $13.48 on Wednesday. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 1.08. The firm has a market cap of $3.03 billion, a PE ratio of 46.48 and a beta of 1.89. The company has a 50 day moving average price of $12.19 and a 200 day moving average price of $13.09. Park Hotels & Resorts Inc. has a 52 week low of $10.92 and a 52 week high of $20.58.

Park Hotels & Resorts (NYSE:PKGet Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The financial services provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.23). The firm had revenue of $662.00 million for the quarter, compared to the consensus estimate of $651.62 million. Park Hotels & Resorts had a return on equity of 1.41% and a net margin of 2.67%. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.42 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 17th. Investors of record on Friday, December 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 7.42%. The ex-dividend date of this dividend was Thursday, December 29th. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.01. Park Hotels & Resorts’s payout ratio is 344.83%.

Insider Buying and Selling

In other Park Hotels & Resorts news, Director Geoffrey Garrett sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $11.86, for a total transaction of $35,580.00. Following the transaction, the director now owns 33,604 shares in the company, valued at approximately $398,543.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.09% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. TheStreet cut shares of Park Hotels & Resorts from a “c-” rating to a “d+” rating in a research report on Wednesday, November 23rd. StockNews.com assumed coverage on shares of Park Hotels & Resorts in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Compass Point lowered their price target on shares of Park Hotels & Resorts to $25.00 in a research report on Tuesday, November 15th. Truist Financial lowered their price target on shares of Park Hotels & Resorts to $20.00 in a research report on Wednesday, November 16th. Finally, Barclays lowered their price target on shares of Park Hotels & Resorts from $18.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 10th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts has an average rating of “Hold” and a consensus price target of $18.41.

Park Hotels & Resorts Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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