State Street Corp Sells 44,265 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

State Street Corp cut its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,330,464 shares of the financial services provider’s stock after selling 44,265 shares during the period. State Street Corp owned 5.49% of Park Hotels & Resorts worth $162,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Algert Global LLC boosted its stake in Park Hotels & Resorts by 48.6% in the 2nd quarter. Algert Global LLC now owns 752,273 shares of the financial services provider’s stock worth $11,269,000 after purchasing an additional 245,973 shares in the last quarter. Quantbot Technologies LP boosted its stake in Park Hotels & Resorts by 95.7% in the 2nd quarter. Quantbot Technologies LP now owns 367,900 shares of the financial services provider’s stock worth $5,511,000 after purchasing an additional 179,884 shares in the last quarter. National Bank of Canada FI boosted its stake in Park Hotels & Resorts by 70.9% in the 2nd quarter. National Bank of Canada FI now owns 223,600 shares of the financial services provider’s stock worth $3,298,000 after purchasing an additional 92,800 shares in the last quarter. AQR Capital Management LLC boosted its stake in Park Hotels & Resorts by 287.7% in the 2nd quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after purchasing an additional 3,897,889 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Park Hotels & Resorts by 488.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 83,473 shares of the financial services provider’s stock worth $1,177,000 after purchasing an additional 69,296 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on PK shares. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Truist Financial reduced their price target on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Wells Fargo & Company raised their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Finally, Compass Point reduced their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Hold” and a consensus target price of $18.32.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $15.28 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 7.02 and a beta of 2.03. The company has a 50 day moving average price of $14.68 and a 200-day moving average price of $14.70. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. Park Hotels & Resorts’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm earned $0.51 earnings per share. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 17.02%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is presently 63.69%.

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.