KLP Kapitalforvaltning AS Buys New Stake in Park Hotels & Resorts Inc. (NYSE:PK)

KLP Kapitalforvaltning AS acquired a new position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 62,700 shares of the financial services provider's stock, valued at approximately $917,000.

Other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in shares of Park Hotels & Resorts by 42.2% during the 4th quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider's stock worth $112,000 after buying an additional 2,373 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Park Hotels & Resorts during the third quarter valued at approximately $116,000. Plato Investment Management Ltd bought a new stake in Park Hotels & Resorts during the fourth quarter worth approximately $141,000. KBC Group NV lifted its position in Park Hotels & Resorts by 36.2% in the fourth quarter. KBC Group NV now owns 10,023 shares of the financial services provider's stock worth $141,000 after purchasing an additional 2,663 shares during the period. Finally, Merit Financial Group LLC acquired a new stake in Park Hotels & Resorts in the fourth quarter worth approximately $146,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Down 3.3 %

NYSE PK traded down $0.32 on Friday, reaching $9.40. The stock had a trading volume of 8,694,072 shares, compared to its average volume of 3,087,761. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 9.31, a P/E/G ratio of 1.51 and a beta of 1.73. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. Park Hotels & Resorts Inc. has a 1 year low of $8.73 and a 1 year high of $17.87. The business has a 50 day moving average price of $12.14 and a 200 day moving average price of $13.70.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted 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). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal 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 issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.64%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts's dividend payout ratio is 99.01%.

Analyst Ratings Changes

PK has been the topic of a number of research reports. StockNews.com downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, February 21st. Jefferies Financial Group dropped their price target on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Truist Financial reduced their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Wells Fargo & Company lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 18th. Finally, UBS Group cut 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 note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of "Hold" and an average price target of $17.72.

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.