Vanguard Group Inc. Sells 1,857,274 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Vanguard Group Inc. lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,447,449 shares of the financial services provider's stock after selling 1,857,274 shares during the period. Vanguard Group Inc. owned 14.75% of Park Hotels & Resorts worth $428,396,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in 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 valued at $112,000 after purchasing an additional 2,373 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at $116,000. KBC Group NV grew its stake in shares of Park Hotels & Resorts by 36.2% during the 4th quarter. KBC Group NV now owns 10,023 shares of the financial services provider's stock worth $141,000 after acquiring an additional 2,663 shares during the period. Plato Investment Management Ltd purchased a new stake in Park Hotels & Resorts in the 4th quarter worth about $141,000. Finally, Merit Financial Group LLC bought a new stake in Park Hotels & Resorts in the 4th quarter valued at about $146,000. Institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PK. Truist Financial cut their target price 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. StockNews.com downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, February 21st. Wells Fargo & Company reduced their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 18th. UBS Group dropped their price objective on Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating on the stock in a report on Monday, February 3rd. Finally, Jefferies Financial Group reduced their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a "buy" rating for the company in a report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of "Hold" and an average target price of $17.72.

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Park Hotels & Resorts Price Performance

Shares of NYSE PK traded down $1.16 during mid-day trading on Thursday, reaching $9.72. 7,996,046 shares of the company were exchanged, compared to its average volume of 3,056,109. Park Hotels & Resorts Inc. has a 52 week low of $9.61 and a 52 week high of $17.87. The company's 50 day moving average price is $12.31 and its 200 day moving average price is $13.77. The stock has a market capitalization of $1.96 billion, a PE ratio of 9.62, a PEG ratio of 1.51 and a beta of 1.73. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. Sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 10.29%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts's payout ratio is currently 99.01%.

Park Hotels & Resorts 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.