Cerity Partners LLC Has $914,000 Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Cerity Partners LLC reduced its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 57.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,935 shares of the financial services provider’s stock after selling 86,036 shares during the quarter. Cerity Partners LLC’s holdings in Park Hotels & Resorts were worth $914,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Park Hotels & Resorts during the 4th quarter valued at about $41,087,000. Donald Smith & CO. Inc. boosted its stake in Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock worth $129,446,000 after acquiring an additional 1,122,839 shares in the last quarter. National Bank of Canada FI acquired a new stake in Park Hotels & Resorts in the fourth quarter worth $14,890,000. Arrowstreet Capital Limited Partnership increased its stake in Park Hotels & Resorts by 18.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after purchasing an additional 1,056,188 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Park Hotels & Resorts by 303.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,154,251 shares of the financial services provider’s stock valued at $16,242,000 after purchasing an additional 868,061 shares during the period. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PK has been the subject of several research reports. Truist Financial decreased their target price on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Jefferies Financial Group downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $10.00 in a report on Wednesday, April 9th. UBS Group lowered their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, April 10th. Finally, Wells Fargo & Company dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $16.39.

Park Hotels & Resorts Stock Up 3.0 %

Park Hotels & Resorts stock opened at $9.84 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. The stock has a market cap of $1.99 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.95. The firm’s 50-day simple moving average is $11.25 and its 200 day simple moving average is $13.27.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $625.00 million during the quarter, compared to the consensus estimate of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. Research analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.17%. The ex-dividend date was Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 99.01%.

Park Hotels & Resorts Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.