Park Hotels & Resorts Inc. $PK Stock Holdings Lessened by Vanguard Group Inc.

Vanguard Group Inc. reduced its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 9.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 27,709,130 shares of the financial services provider’s stock after selling 2,738,319 shares during the quarter. Vanguard Group Inc. owned approximately 13.73% of Park Hotels & Resorts worth $295,934,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Deutsche Bank AG increased its holdings in shares of Park Hotels & Resorts by 809.3% in the 4th quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider’s stock worth $33,988,000 after acquiring an additional 2,149,972 shares during the period. Landmark Investment Partners L.P. acquired a new stake in shares of Park Hotels & Resorts in the 4th quarter worth about $21,342,000. Northern Trust Corp increased its holdings in shares of Park Hotels & Resorts by 38.9% in the 4th quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider’s stock worth $38,585,000 after acquiring an additional 767,818 shares during the period. Private Management Group Inc. increased its holdings in shares of Park Hotels & Resorts by 31.1% in the 1st quarter. Private Management Group Inc. now owns 2,976,581 shares of the financial services provider’s stock worth $31,790,000 after acquiring an additional 706,732 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Park Hotels & Resorts by 59.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,818,769 shares of the financial services provider’s stock worth $25,590,000 after acquiring an additional 678,102 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Bank of America cut shares of Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 price objective on the stock. in a report on Wednesday, April 30th. JPMorgan Chase & Co. began coverage on shares of Park Hotels & Resorts in a report on Monday, June 23rd. They issued an “underweight” rating and a $10.00 price objective on the stock. Morgan Stanley reissued an “outperform” rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Wall Street Zen cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, July 18th. Finally, Wells Fargo & Company raised their target price on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.11.

Park Hotels & Resorts Stock Performance

Shares of PK opened at $10.91 on Monday. The firm’s 50 day moving average is $10.66 and its 200-day moving average is $10.91. The stock has a market capitalization of $2.18 billion, a P/E ratio of 40.41 and a beta of 1.80. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.16 and a quick ratio of 1.16. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. The company had revenue of $672.00 million for the quarter, compared to analysts’ expectations of $672.37 million. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 EPS. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.2%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 370.37%.

About Park Hotels & Resorts

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.