Resona Asset Management Co. Ltd. Invests $1.23 Million in Park Hotels & Resorts Inc. (NYSE:PK)

Resona Asset Management Co. Ltd. purchased a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 82,728 shares of the financial services provider's stock, valued at approximately $1,228,000.

Other hedge funds have also made changes to their positions in the company. Walleye Capital LLC purchased a new stake in shares of Park Hotels & Resorts in the third quarter valued at about $151,000. Quantinno Capital Management LP increased its position in Park Hotels & Resorts by 74.2% during the 3rd quarter. Quantinno Capital Management LP now owns 48,392 shares of the financial services provider's stock worth $682,000 after purchasing an additional 20,605 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $224,000. MML Investors Services LLC boosted its stake in shares of Park Hotels & Resorts by 55.1% in the third quarter. MML Investors Services LLC now owns 24,634 shares of the financial services provider's stock valued at $347,000 after buying an additional 8,749 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Park Hotels & Resorts by 81.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 42,051 shares of the financial services provider's stock valued at $593,000 after buying an additional 18,892 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Analysts Set New Price Targets

PK has been the topic of a number of research analyst reports. Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. Wells Fargo & Company lowered their price target 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 lowered their target price on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a report 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 for the company in a research report on Monday, February 3rd. Finally, StockNews.com downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $16.39.

Park Hotels & Resorts Stock Up 0.6 %

Shares of PK traded up $0.06 during trading hours on Wednesday, reaching $9.77. The company's stock had a trading volume of 962,742 shares, compared to its average volume of 4,228,952. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.95. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 9.67, a P/E/G ratio of 1.51 and a beta of 1.73. The company has a 50 day moving average of $11.44 and a two-hundred day moving average of $13.36.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). The firm had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. As a group, research analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 10.24%. Park Hotels & Resorts's dividend payout ratio is 99.01%.

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.