Prudential Financial Inc. Sells 919,245 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Prudential Financial Inc. lessened its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 65.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 489,311 shares of the financial services provider's stock after selling 919,245 shares during the period. Prudential Financial Inc. owned 0.24% of Park Hotels & Resorts worth $6,885,000 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. Charles Schwab Investment Management Inc. boosted its holdings in Park Hotels & Resorts by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider's stock worth $40,928,000 after buying an additional 66,093 shares during the period. Cerity Partners LLC boosted its holdings in shares of Park Hotels & Resorts by 47.1% in the third quarter. Cerity Partners LLC now owns 150,971 shares of the financial services provider's stock worth $2,129,000 after acquiring an additional 48,308 shares during the period. Bank of Montreal Can boosted its holdings in shares of Park Hotels & Resorts by 92.4% in the third quarter. Bank of Montreal Can now owns 125,337 shares of the financial services provider's stock worth $1,856,000 after acquiring an additional 60,202 shares during the period. BNP Paribas Financial Markets grew its position in shares of Park Hotels & Resorts by 13.7% in the third quarter. BNP Paribas Financial Markets now owns 245,472 shares of the financial services provider's stock valued at $3,461,000 after purchasing an additional 29,498 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Park Hotels & Resorts during the 3rd quarter valued at $2,480,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PK. Wells Fargo & Company decreased their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. UBS Group decreased their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating on the stock in a report on Monday, February 3rd. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, February 21st. Truist Financial reduced their price target 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. Finally, Jefferies Financial Group lowered their price objective on 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Park Hotels & Resorts currently has a consensus rating of "Hold" and a consensus price target of $17.72.

Park Hotels & Resorts Price Performance

NYSE PK traded down $0.32 during trading hours on Friday, reaching $9.40. 8,694,072 shares of the stock traded hands, compared to its average volume of 3,085,010. The stock has a 50 day simple moving average of $12.14 and a two-hundred day simple moving average of $13.71. Park Hotels & Resorts Inc. has a 1 year low of $8.74 and a 1 year high of $17.87. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 9.31, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73.

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 for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). The firm had revenue of $625.00 million for the quarter, compared to analysts' expectations of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. On average, analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm 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 $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.64%. Park Hotels & Resorts's payout ratio is 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.