Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,871 shares of the financial services provider’s stock after selling 19,389 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Park Hotels & Resorts worth $2,308,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $42,000. Spire Wealth Management increased its position in shares of Park Hotels & Resorts by 20.1% during the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 860 shares during the period. Covestor Ltd increased its position in shares of Park Hotels & Resorts by 31.5% during the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,340 shares during the period. Signaturefd LLC increased its position in shares of Park Hotels & Resorts by 12.7% during the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 727 shares during the period. Finally, L2 Asset Management LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter worth $130,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PK. Barclays upped their price objective 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. Truist Financial increased their target price on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Citigroup raised Park Hotels & Resorts from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $20.00 in a report on Friday, March 22nd. StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, UBS Group increased their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, March 6th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and an average price target of $17.27.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $16.13 on Wednesday. The stock’s 50-day moving average is $16.98 and its two-hundred day moving average is $15.67. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 36.65, a PEG ratio of 0.83 and a beta of 2.03. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.48 and a current ratio of 1.48.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.39. The company had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a return on equity of 3.08% and a net margin of 3.42%. Analysts predict that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.20%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 227.28%.

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.