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

New York State Common Retirement Fund lessened its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 17.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 77,771 shares of the financial services provider’s stock after selling 16,100 shares during the period. New York State Common Retirement Fund’s holdings in Park Hotels & Resorts were worth $1,094,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new position in Park Hotels & Resorts in the 3rd quarter worth about $33,000. Venturi Wealth Management LLC raised its holdings in Park Hotels & Resorts by 281.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 2,841 shares during the period. Covestor Ltd raised its holdings in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 2,711 shares during the period. KBC Group NV raised its holdings in Park Hotels & Resorts by 34.4% in the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,882 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Park Hotels & Resorts in the 3rd quarter worth about $116,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

PK stock opened at $12.01 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. The business has a 50 day simple moving average of $13.45 and a 200-day simple moving average of $14.24. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.51 and a beta of 2.00. Park Hotels & Resorts Inc. has a 1 year low of $11.95 and a 1 year high of $18.05.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The company had revenue of $625.00 million during the quarter, compared to analysts’ expectations of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal 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 given a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.33%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

Analyst Ratings Changes

A number of research firms recently weighed in on PK. Jefferies Financial Group reduced their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Wells Fargo & Company cut their price objective on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. UBS Group cut their price objective on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $18.15.

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.