Bank of New York Mellon Corp Has $26.06 Million Position in Park Hotels & Resorts Inc. (NYSE:PK)

Bank of New York Mellon Corp cut its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 0.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,440,113 shares of the financial services provider’s stock after selling 3,639 shares during the period. Bank of New York Mellon Corp owned approximately 1.21% of Park Hotels & Resorts worth $26,060,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth $41,087,000. Deutsche Bank AG raised its holdings in shares of Park Hotels & Resorts by 809.3% during the 4th quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider’s stock worth $33,988,000 after buying an additional 2,149,972 shares in the last quarter. Landmark Investment Partners L.P. acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth $21,342,000. Invesco Ltd. raised its holdings in shares of Park Hotels & Resorts by 84.0% during the 4th quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider’s stock worth $39,929,000 after buying an additional 1,295,548 shares in the last quarter. Finally, Donald Smith & CO. Inc. raised its holdings in shares of Park Hotels & Resorts by 13.9% during the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock worth $129,446,000 after buying an additional 1,122,839 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $10.84 on Thursday. The business’s fifty day simple moving average is $10.54 and its 200 day simple moving average is $11.41. The firm has a market capitalization of $2.17 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 1.45 and a beta of 1.72. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.23. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.33.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 2.65% and a net margin of 4.90%. The business had revenue of $630.00 million during the quarter, compared to the consensus estimate of $620.17 million. During the same period last year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 9.22%. The ex-dividend date was Monday, June 30th. Park Hotels & Resorts’s dividend payout ratio is currently 169.49%.

Analyst Ratings Changes

Several research firms have recently weighed in on PK. Truist Financial cut Park Hotels & Resorts from a “buy” rating to a “hold” rating and reduced their price target for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Jefferies Financial Group lowered Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their target price for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. Wells Fargo & Company increased their price target on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 1st. Evercore ISI lowered Park Hotels & Resorts from an “outperform” rating to an “in-line” rating and set a $13.00 price target on the stock. in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a report on Monday, June 23rd. They issued an “underweight” rating and a $10.00 target price on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.11.

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.