Voya Investment Management LLC Sells 160,671 Shares of Park Hotels & Resorts Inc. $PK

Voya Investment Management LLC lowered its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 72.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,120 shares of the financial services provider’s stock after selling 160,671 shares during the quarter. Voya Investment Management LLC’s holdings in Park Hotels & Resorts were worth $666,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PK. Capital Fund Management S.A. lifted its position in Park Hotels & Resorts by 39.1% during the 2nd quarter. Capital Fund Management S.A. now owns 370,803 shares of the financial services provider’s stock worth $3,793,000 after buying an additional 104,307 shares in the last quarter. Strs Ohio acquired a new stake in shares of Park Hotels & Resorts in the first quarter valued at about $5,593,000. Parallel Advisors LLC raised its holdings in Park Hotels & Resorts by 374.8% during the second quarter. Parallel Advisors LLC now owns 29,843 shares of the financial services provider’s stock worth $305,000 after acquiring an additional 23,558 shares in the last quarter. Squarepoint Ops LLC boosted its position in Park Hotels & Resorts by 370.3% during the second quarter. Squarepoint Ops LLC now owns 432,535 shares of the financial services provider’s stock valued at $4,425,000 after purchasing an additional 340,568 shares during the last quarter. Finally, Ethic Inc. boosted its position in Park Hotels & Resorts by 179.5% during the second quarter. Ethic Inc. now owns 38,789 shares of the financial services provider’s stock valued at $408,000 after purchasing an additional 24,911 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on PK shares. Evercore ISI lowered their price target on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating on the stock in a research report on Thursday, November 20th. Cantor Fitzgerald assumed coverage on shares of Park Hotels & Resorts in a report on Wednesday, October 1st. They set a “neutral” rating and a $12.00 target price on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Park Hotels & Resorts in a research report on Monday. Wells Fargo & Company cut their price target on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, December 1st. Finally, Truist Financial lifted their price objective on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Thursday, December 4th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Park Hotels & Resorts has an average rating of “Reduce” and an average price target of $11.10.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $10.46 on Friday. Park Hotels & Resorts Inc. has a 52 week low of $8.27 and a 52 week high of $14.29. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $10.63 and its 200 day simple moving average is $10.93. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -149.43 and a beta of 1.44.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.08). The company had revenue of $610.00 million during the quarter, compared to the consensus estimate of $617.05 million. Park Hotels & Resorts had a negative net margin of 0.47% and a negative return on equity of 1.25%. The company’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. Park Hotels & Resorts has set its FY 2025 guidance at 1.850-1.970 EPS. As a group, sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.6%. The ex-dividend date of this dividend is Wednesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -1,428.57%.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.