Sumitomo Mitsui Trust Holdings Inc. Sells 400,542 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Park Hotels & Resorts Inc. (NYSE:PK) by 26.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,105,355 shares of the financial services provider’s stock after selling 400,542 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.53% of Park Hotels & Resorts worth $16,912,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PK. 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 valued at $10,901,000 after buying an additional 136,434 shares during the period. Vanguard Group Inc. boosted its position in shares of Park Hotels & Resorts by 1.1% during the third quarter. Vanguard Group Inc. now owns 33,109,654 shares of the financial services provider’s stock valued at $407,911,000 after buying an additional 347,812 shares during the period. Landscape Capital Management L.L.C. boosted its position in shares of Park Hotels & Resorts by 136.4% during the third quarter. Landscape Capital Management L.L.C. now owns 67,690 shares of the financial services provider’s stock valued at $834,000 after buying an additional 39,062 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of Park Hotels & Resorts by 200.0% during the third quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the financial services provider’s stock valued at $11,088,000 after buying an additional 600,000 shares during the period. Finally, Hudson Bay Capital Management LP boosted its position in shares of Park Hotels & Resorts by 238.5% during the third quarter. Hudson Bay Capital Management LP now owns 530,217 shares of the financial services provider’s stock valued at $6,532,000 after buying an additional 373,600 shares during the period. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Trading Up 1.2 %

PK stock opened at $16.35 on Tuesday. The company’s 50-day simple moving average is $16.78 and its 200-day simple moving average is $15.33. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The firm has a market cap of $3.44 billion, a P/E ratio of 35.54, a PEG ratio of 0.61 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The business had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. As a group, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.06 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 29th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.12%. The ex-dividend date was Wednesday, March 27th. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.15. Park Hotels & Resorts’s dividend payout ratio is 217.39%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PK. Jefferies Financial Group upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and boosted their price target for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. Barclays boosted their price objective on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. UBS Group upped their price target on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 6th. Truist Financial upped their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Finally, Wells Fargo & Company upped their price target on Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.