Retirement Systems of Alabama Sells 2,814 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Retirement Systems of Alabama lowered its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 1.1% during the 4th quarter, HoldingsChannel reports. The fund owned 250,971 shares of the financial services provider’s stock after selling 2,814 shares during the period. Retirement Systems of Alabama’s holdings in Park Hotels & Resorts were worth $3,531,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new stake in Park Hotels & Resorts during the third quarter worth about $33,000. Venturi Wealth Management LLC lifted its stake in shares of Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,841 shares in the last quarter. Claro Advisors LLC purchased a new stake in shares of Park Hotels & Resorts during the third quarter valued at approximately $69,000. Covestor Ltd grew its holdings in shares of Park Hotels & Resorts by 64.8% during the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after buying an additional 2,711 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Park Hotels & Resorts by 34.4% during the third quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,882 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 1.9 %

Shares of PK stock opened at $12.94 on Tuesday. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 8.24 and a beta of 2.00. Park Hotels & Resorts Inc. has a one year low of $12.80 and a one year high of $18.05. The company’s fifty day moving average price is $14.31 and its 200-day moving average price is $14.43. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 20.10%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 63.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Compass Point cut their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Bank of America cut their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. Jefferies Financial Group cut their price target on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Wells Fargo & Company increased their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Finally, UBS Group dropped their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $18.45.

Park Hotels & Resorts Company Profile

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.