Bank of New York Mellon Corp Has $33.22 Million Stock Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Bank of New York Mellon Corp cut its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,217,257 shares of the financial services provider’s stock after selling 31,458 shares during the quarter. Bank of New York Mellon Corp owned 1.05% of Park Hotels & Resorts worth $33,215,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PK. Fidelis Capital Partners LLC bought a new position in Park Hotels & Resorts during the first quarter worth about $26,000. Raleigh Capital Management Inc. bought a new position in Park Hotels & Resorts during the fourth quarter worth about $35,000. YHB Investment Advisors Inc. bought a new position in Park Hotels & Resorts during the first quarter worth about $40,000. FinTrust Capital Advisors LLC lifted its stake in Park Hotels & Resorts by 260.5% during the first quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 3,668 shares during the period. Finally, EntryPoint Capital LLC lifted its stake in Park Hotels & Resorts by 53.5% during the first quarter. EntryPoint Capital LLC now owns 6,488 shares of the financial services provider’s stock worth $113,000 after purchasing an additional 2,260 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

PK stock opened at $15.28 on Tuesday. The company has a 50 day moving average price of $14.62 and a 200 day moving average price of $15.73. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58. Park Hotels & Resorts Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $18.05. The stock has a market capitalization of $3.22 billion, a PE ratio of 34.73, a price-to-earnings-growth ratio of 0.74 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. The business had revenue of $686.00 million for the quarter, compared to analyst estimates of $694.94 million. Analysts forecast that Park Hotels & Resorts Inc. will post 2.1 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.54%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s dividend payout ratio is presently 227.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PK shares. Barclays lifted their target price on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. UBS Group cut their target price on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Wedbush reiterated a “neutral” rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Truist Financial cut their target price 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. Finally, Evercore ISI cut their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average price target of $17.42.

About Park Hotels & Resorts

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.