Public Employees Retirement System of Ohio Sells 7,118 Shares of Park Hotels & Resorts Inc. $PK

Public Employees Retirement System of Ohio reduced its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 354,237 shares of the financial services provider’s stock after selling 7,118 shares during the period. Public Employees Retirement System of Ohio owned 0.18% of Park Hotels & Resorts worth $3,624,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PK. Sculptor Capital LP bought a new position in shares of Park Hotels & Resorts in the 1st quarter worth $27,467,000. Donald Smith & CO. Inc. boosted its position in shares of Park Hotels & Resorts by 25.8% in the 1st quarter. Donald Smith & CO. Inc. now owns 11,577,320 shares of the financial services provider’s stock worth $123,646,000 after purchasing an additional 2,377,195 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Park Hotels & Resorts by 89.8% in the 1st quarter. AQR Capital Management LLC now owns 4,383,530 shares of the financial services provider’s stock worth $46,378,000 after purchasing an additional 2,073,721 shares during the last quarter. Nuveen LLC bought a new position in shares of Park Hotels & Resorts in the 1st quarter worth $7,871,000. Finally, Private Management Group Inc. boosted its position 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 purchasing an additional 706,732 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PK shares. Wells Fargo & Company raised their price target on Park Hotels & Resorts from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 27th. Citigroup lowered Park Hotels & Resorts from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $13.00 to $12.00 in a report on Tuesday, September 9th. Morgan Stanley reiterated an “outperform” rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a report on Monday, June 23rd. They set an “underweight” rating and a $10.00 target price on the stock. Finally, Wall Street Zen lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.20.

Park Hotels & Resorts Stock Performance

PK opened at $11.08 on Wednesday. The business’s 50-day moving average price is $11.36 and its two-hundred day moving average price is $10.75. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 41.04 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 (NYSE:PK) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The firm had revenue of $672.00 million for the quarter, compared to the consensus estimate of $672.37 million. During the same quarter last year, the business posted $0.65 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. Equities analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 9.0%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 370.37%.

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.