Norges Bank Takes $41.09 Million Position in Park Hotels & Resorts Inc. (NYSE:PK)

Norges Bank acquired a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,920,186 shares of the financial services provider's stock, valued at approximately $41,087,000. Norges Bank owned about 1.41% of Park Hotels & Resorts at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. EntryPoint Capital LLC acquired a new stake in Park Hotels & Resorts during the fourth quarter worth approximately $261,000. LPL Financial LLC increased its stake in Park Hotels & Resorts by 898.1% in the fourth quarter. LPL Financial LLC now owns 377,605 shares of the financial services provider's stock valued at $5,313,000 after acquiring an additional 339,773 shares during the last quarter. Samalin Investment Counsel LLC bought a new position in Park Hotels & Resorts in the fourth quarter valued at approximately $147,000. KLP Kapitalforvaltning AS acquired a new stake in Park Hotels & Resorts in the fourth quarter valued at approximately $917,000. Finally, American Century Companies Inc. boosted its position in Park Hotels & Resorts by 12.3% in the fourth quarter. American Century Companies Inc. now owns 16,532 shares of the financial services provider's stock valued at $233,000 after buying an additional 1,816 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Park Hotels & Resorts Stock Down 5.2 %

PK stock traded down $0.52 during midday trading on Thursday, hitting $9.55. 622,362 shares of the company's stock were exchanged, compared to its average volume of 3,161,392. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $17.63. The firm has a 50 day moving average price of $11.73 and a 200-day moving average price of $13.51. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 9.46, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. On average, analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 10.47%. Park Hotels & Resorts's payout ratio is 99.01%.

Park Hotels & Resorts Company 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.