Geode Capital Management LLC Has $54.66 Million Position in Park Hotels & Resorts Inc. (NYSE:PK)

Geode Capital Management LLC trimmed its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,883,583 shares of the financial services provider's stock after selling 52,544 shares during the period. Geode Capital Management LLC owned 1.88% of Park Hotels & Resorts worth $54,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Jones Financial Companies Lllp boosted its holdings in shares of Park Hotels & Resorts by 42.2% during the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider's stock worth $112,000 after acquiring an additional 2,373 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in Park Hotels & Resorts during the 4th quarter worth approximately $112,000. KBC Group NV boosted its stake in Park Hotels & Resorts by 36.2% in the 4th quarter. KBC Group NV now owns 10,023 shares of the financial services provider's stock valued at $141,000 after purchasing an additional 2,663 shares during the period. Plato Investment Management Ltd acquired a new position in Park Hotels & Resorts in the 4th quarter valued at $141,000. Finally, Merit Financial Group LLC bought a new position in Park Hotels & Resorts during the 4th quarter worth $146,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PK. Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price target for the company from $19.00 to $10.00 in a research note on Wednesday, April 9th. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. UBS Group dropped their price target 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. Wells Fargo & Company reduced their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Finally, Truist Financial dropped their price objective on Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $16.39.

Park Hotels & Resorts Price Performance

Shares of PK traded up $0.29 during mid-day trading on Friday, reaching $9.84. The company had a trading volume of 4,987,504 shares, compared to its average volume of 3,258,998. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 1.51 and a beta of 1.73. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. The company's 50 day simple moving average is $11.25 and its 200 day simple moving average is $13.28. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.95.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share 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%. Analysts expect 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 was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.17%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 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.