Allspring Global Investments Holdings LLC Trims Position in Park Hotels & Resorts Inc. (NYSE:PK)

Allspring Global Investments Holdings LLC cut its position in Park Hotels & Resorts Inc. (NYSE:PK) by 62.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,563 shares of the financial services provider’s stock after selling 53,506 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Park Hotels & Resorts were worth $483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FNY Investment Advisers LLC purchased a new stake in shares of Park Hotels & Resorts in the fourth quarter worth $42,000. Spire Wealth Management boosted its position in shares of Park Hotels & Resorts by 20.1% during the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 860 shares during the last quarter. Covestor Ltd boosted its position in shares of Park Hotels & Resorts by 31.5% during the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,340 shares during the last quarter. L2 Asset Management LLC bought a new position in shares of Park Hotels & Resorts during the third quarter worth $130,000. Finally, Inspire Advisors LLC bought a new position in shares of Park Hotels & Resorts during the third quarter worth $153,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Trading Down 2.7 %

PK stock opened at $16.33 on Friday. The company has a market capitalization of $3.44 billion, a PE ratio of 35.50, a P/E/G ratio of 0.86 and a beta of 2.03. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The firm’s 50-day moving average is $16.88 and its 200 day moving average is $15.38. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate 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, research analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 6.12%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is presently 217.39%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PK. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Tuesday. UBS Group upped their target price on shares of 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 target price on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Citigroup upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and upped their target price for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. Finally, Barclays increased their price objective on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts currently has a consensus 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.