Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 26.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 810,461 shares of the financial services provider's stock after selling 290,889 shares during the quarter. Principal Financial Group Inc. owned approximately 0.39% of Park Hotels & Resorts worth $11,427,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. increased its holdings 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 acquiring an additional 208,877 shares in the last quarter. Tidal Investments LLC raised its position in Park Hotels & Resorts by 5.5% in the 3rd quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider's stock worth $275,000 after buying an additional 1,020 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Park Hotels & Resorts in the 3rd quarter worth about $477,000. Barclays PLC lifted its stake in Park Hotels & Resorts by 22.4% during the 3rd quarter. Barclays PLC now owns 319,593 shares of the financial services provider's stock valued at $4,507,000 after acquiring an additional 58,432 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of Park Hotels & Resorts by 81.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,051 shares of the financial services provider's stock valued at $593,000 after acquiring an additional 18,892 shares during the last quarter. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Down 1.4 %

NYSE:PK traded down $0.21 during trading hours on Monday, reaching $14.71. The company's stock had a trading volume of 4,722,692 shares, compared to its average volume of 2,820,048. The company has a market capitalization of $3.04 billion, a P/E ratio of 9.37, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05. The stock has a 50 day moving average price of $14.86 and a two-hundred day moving average price of $14.65.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its 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 net margin of 12.66% and a return on equity of 9.63%. The company's quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.51 earnings per share. Equities analysts predict that Park Hotels & Resorts Inc. will post 1.96 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 17.68%. 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 63.69%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. StockNews.com lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Compass Point reduced their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Wells Fargo & Company lifted their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Monday, December 9th. Truist Financial reduced their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 4th. Finally, UBS Group upped their target price on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday, November 18th. One research 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 presently has a consensus rating of "Hold" and a consensus target price of $18.55.

About Park Hotels & Resorts

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.