Arizona State Retirement System Sells 1,090 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Arizona State Retirement System lowered its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,307 shares of the financial services provider’s stock after selling 1,090 shares during the quarter. Arizona State Retirement System’s holdings in Park Hotels & Resorts were worth $923,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new position in Park Hotels & Resorts in the 4th quarter valued at approximately $42,000. Spire Wealth Management raised its holdings in Park Hotels & Resorts by 20.1% in the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock valued at $63,000 after buying an additional 860 shares during the last quarter. Covestor Ltd raised its holdings in Park Hotels & Resorts by 31.5% in the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,340 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Park Hotels & Resorts by 353.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,055 shares of the financial services provider’s stock valued at $83,000 after buying an additional 5,500 shares during the last quarter. Finally, Captrust Financial Advisors bought a new position in Park Hotels & Resorts in the 2nd quarter valued at approximately $104,000. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Park Hotels & Resorts stock opened at $16.49 on Wednesday. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 35.85, a PEG ratio of 0.66 and a beta of 2.03. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.30 and a current ratio of 1.30. The stock’s 50 day moving average price is $16.70 and its two-hundred day moving average price is $15.21.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. The company had revenue of $657.00 million for the quarter, compared to the consensus estimate of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. On average, equities analysts predict that Park Hotels & Resorts Inc. will post 2 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.06%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.15. Park Hotels & Resorts’s dividend payout ratio is 217.39%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PK shares. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Saturday. Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and raised their price objective for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. Barclays raised their price objective on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Truist Financial raised their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Finally, UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.58.

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.