Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 68.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,803 shares of the financial services provider's stock after selling 79,409 shares during the quarter. M&T Bank Corp's holdings in Park Hotels & Resorts were worth $505,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PK. Arizona State Retirement System grew its holdings in Park Hotels & Resorts by 2.1% in the second quarter. Arizona State Retirement System now owns 58,940 shares of the financial services provider's stock valued at $883,000 after purchasing an additional 1,232 shares during the period. Bfsg LLC lifted its position in shares of Park Hotels & Resorts by 8.7% during the 3rd quarter. Bfsg LLC now owns 15,440 shares of the financial services provider's stock valued at $218,000 after buying an additional 1,235 shares in the last quarter. Kendall Capital Management grew its stake in Park Hotels & Resorts by 11.0% in the 2nd quarter. Kendall Capital Management now owns 15,095 shares of the financial services provider's stock valued at $226,000 after acquiring an additional 1,500 shares during the period. United Services Automobile Association increased its holdings in Park Hotels & Resorts by 10.5% in the 2nd quarter. United Services Automobile Association now owns 15,826 shares of the financial services provider's stock worth $237,000 after acquiring an additional 1,509 shares in the last quarter. Finally, Quarry LP increased its holdings in Park Hotels & Resorts by 82.1% in the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock worth $62,000 after acquiring an additional 1,857 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on PK. Wells Fargo & Company boosted their price objective on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Monday, December 9th. UBS Group increased their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Monday, November 18th. Bank of America decreased their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating on the stock in a report on Monday, October 21st. Wolfe Research lowered shares of Park Hotels & Resorts from an "outperform" rating to a "peer perform" rating in a report on Thursday, September 26th. Finally, Compass Point decreased their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $18.55.

Park Hotels & Resorts Trading Down 7.0 %

NYSE:PK traded down $1.08 during trading hours on Wednesday, reaching $14.41. 5,432,016 shares of the stock were exchanged, compared to its average volume of 2,796,305. Park Hotels & Resorts Inc. has a twelve month low of $13.23 and a twelve month high of $18.05. The business has a 50-day moving average of $14.75 and a two-hundred day moving average of $14.68. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 6.90 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.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm's revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. On average, equities analysts predict that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 18.04%. The ex-dividend date is Tuesday, December 31st. This is a boost from Park Hotels & Resorts's previous quarterly dividend of $0.25. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 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.