Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 12.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,014 shares of the financial services provider’s stock after selling 1,671 shares during the period. PNC Financial Services Group Inc.’s holdings in Park Hotels & Resorts were worth $184,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. GraniteShares Advisors LLC purchased a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at approximately $1,469,000. Norges Bank purchased a new stake in Park Hotels & Resorts in the fourth quarter valued at approximately $31,745,000. Louisiana State Employees Retirement System purchased a new stake in Park Hotels & Resorts in the fourth quarter valued at approximately $903,000. Donald Smith & CO. Inc. lifted its stake in Park Hotels & Resorts by 36.0% during the fourth quarter. Donald Smith & CO. Inc. now owns 6,529,666 shares of the financial services provider’s stock worth $99,904,000 after purchasing an additional 1,728,921 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Park Hotels & Resorts by 18.2% during the third quarter. FMR LLC now owns 884,843 shares of the financial services provider’s stock worth $10,901,000 after buying an additional 136,434 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $14.58 on Thursday. The firm has a market capitalization of $3.07 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 0.73 and a beta of 2.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.48 and a quick ratio of 1.48. The business’s fifty day moving average price is $15.56 and its 200 day moving average price is $16.09. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.17). The business had revenue of $639.00 million during the quarter, compared to analysts’ expectations of $630.46 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.86%. Park Hotels & Resorts’s dividend payout ratio is presently 227.28%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PK. Wells Fargo & Company boosted their price objective on Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. UBS Group boosted their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. Truist Financial lowered their price objective on shares of Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. StockNews.com raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Barclays raised their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Park Hotels & Resorts has an average rating of “Hold” and a consensus target price of $17.83.

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.