Cerity Partners LLC cut its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 57.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,935 shares of the financial services provider's stock after selling 86,036 shares during the period. Cerity Partners LLC's holdings in Park Hotels & Resorts were worth $914,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at about $41,087,000. Donald Smith & CO. Inc. grew its stake in Park Hotels & Resorts by 13.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider's stock valued at $129,446,000 after purchasing an additional 1,122,839 shares during the last quarter. National Bank of Canada FI acquired a new stake in Park Hotels & Resorts in the fourth quarter valued at approximately $14,890,000. Arrowstreet Capital Limited Partnership boosted its holdings in Park Hotels & Resorts by 18.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider's stock worth $94,160,000 after acquiring an additional 1,056,188 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Park Hotels & Resorts by 303.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,154,251 shares of the financial services provider's stock valued at $16,242,000 after purchasing an additional 868,061 shares in the last quarter. Institutional investors own 92.69% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on PK shares. Morgan Stanley cut their price target on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday. Truist Financial lowered their price target on 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. Wells Fargo & Company dropped their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 18th. StockNews.com downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Finally, Jefferies Financial Group cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their price target for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $15.75.
Check Out Our Latest Stock Report on PK
Park Hotels & Resorts Stock Performance
Shares of Park Hotels & Resorts stock traded up $0.07 during trading on Thursday, reaching $9.96. The company's stock had a trading volume of 623,524 shares, compared to its average volume of 3,271,878. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.95. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. The firm has a market cap of $2.01 billion, a PE ratio of 9.85, a P/E/G ratio of 1.51 and a beta of 1.73. The company has a 50-day moving average price of $11.07 and a two-hundred day moving average price of $13.19.
Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). The company had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.
Park Hotels & Resorts Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.05%. The ex-dividend date of this dividend was Monday, March 31st. Park Hotels & Resorts's dividend payout ratio (DPR) is 99.01%.
About Park Hotels & Resorts
(
Free Report)
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.
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