Park Hotels & Resorts Inc. (NYSE:PK) Stake Cut by Centiva Capital LP

Centiva Capital LP cut its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 69.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,527 shares of the financial services provider's stock after selling 69,916 shares during the period. Centiva Capital LP's holdings in Park Hotels & Resorts were worth $430,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in Park Hotels & Resorts in the third quarter worth $33,000. Venturi Wealth Management LLC increased its position in Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock worth $54,000 after buying an additional 2,841 shares during the period. Quarry LP increased its position in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock worth $62,000 after buying an additional 1,857 shares during the period. Claro Advisors LLC acquired a new stake in Park Hotels & Resorts in the third quarter worth $69,000. Finally, Covestor Ltd grew its stake in shares of Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider's stock worth $97,000 after purchasing an additional 2,711 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PK shares. Truist Financial decreased their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 4th. Bank of America decreased their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating for the company in a research note on Monday, October 21st. Evercore ISI decreased their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Tuesday, August 13th. Compass Point decreased their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Finally, Wells Fargo & Company raised their target price on Park Hotels & Resorts from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Monday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $18.32.

Park Hotels & Resorts Trading Up 1.1 %

Shares of NYSE PK traded up $0.16 during mid-day trading on Monday, hitting $15.82. 2,363,948 shares of the company traded hands, compared to its average volume of 2,776,273. Park Hotels & Resorts Inc. has a 1 year low of $13.23 and a 1 year high of $18.05. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 7.03 and a beta of 2.03. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The business has a 50 day moving average of $14.60 and a two-hundred day moving average of $14.69.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company had revenue of $649.00 million for the quarter, compared to analysts' expectations of $646.15 million. During the same period in the prior year, the company earned $0.51 earnings per share. The company's revenue for the quarter was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 16.44%. This is an increase from Park Hotels & Resorts's previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts's dividend payout ratio is currently 63.69%.

Park Hotels & Resorts Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.