JPMorgan Chase & Co. Sells 852,456 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

JPMorgan Chase & Co. cut its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 24.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,635,641 shares of the financial services provider's stock after selling 852,456 shares during the quarter. JPMorgan Chase & Co. owned about 1.28% of Park Hotels & Resorts worth $37,083,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PK. Allianz Asset Management GmbH boosted its holdings in shares of Park Hotels & Resorts by 3.6% in the fourth quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider's stock worth $50,426,000 after acquiring an additional 125,730 shares during the period. Bank of New York Mellon Corp boosted its stake in Park Hotels & Resorts by 26.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,443,752 shares of the financial services provider's stock worth $34,384,000 after purchasing an additional 518,727 shares during the period. Private Management Group Inc. grew its holdings in Park Hotels & Resorts by 2.0% during the 4th quarter. Private Management Group Inc. now owns 2,269,849 shares of the financial services provider's stock valued at $31,937,000 after buying an additional 44,606 shares in the last quarter. Matthew 25 Management Corp increased its position in shares of Park Hotels & Resorts by 10.0% during the fourth quarter. Matthew 25 Management Corp now owns 1,100,000 shares of the financial services provider's stock valued at $15,477,000 after buying an additional 100,000 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Park Hotels & Resorts by 43.6% during the third quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider's stock valued at $9,936,000 after buying an additional 208,877 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

PK has been the topic of a number of analyst reports. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their target price for the stock from $19.00 to $10.00 in a report on Wednesday. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday. Wells Fargo & Company lowered their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. UBS Group cut their price objective on Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, February 3rd. Finally, Truist Financial lowered 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $16.39.

Park Hotels & Resorts Trading Up 0.9 %

Shares of PK stock traded up $0.09 on Friday, hitting $9.52. 4,846,037 shares of the company's stock traded hands, compared to its average volume of 3,196,315. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 9.42, a P/E/G ratio of 1.51 and a beta of 1.73. The company's fifty day simple moving average is $11.58 and its 200 day simple moving average is $13.43. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $17.40. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data 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). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The company had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. Equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.51%. The ex-dividend date is Monday, March 31st. 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.