Quest Partners LLC Sells 55,388 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Quest Partners LLC cut its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 71.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,062 shares of the financial services provider's stock after selling 55,388 shares during the quarter. Quest Partners LLC's holdings in Park Hotels & Resorts were worth $311,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its holdings in Park Hotels & Resorts by 5.5% in the 1st quarter. Lazard Asset Management LLC now owns 36,704 shares of the financial services provider's stock valued at $641,000 after buying an additional 1,922 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Park Hotels & Resorts by 6.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 100,390 shares of the financial services provider's stock valued at $1,756,000 after acquiring an additional 6,067 shares during the period. Jacobs Levy Equity Management Inc. raised its position in Park Hotels & Resorts by 6.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,058,418 shares of the financial services provider's stock worth $18,512,000 after purchasing an additional 63,683 shares in the last quarter. Tidal Investments LLC lifted its stake in Park Hotels & Resorts by 17.9% during the first quarter. Tidal Investments LLC now owns 14,060 shares of the financial services provider's stock worth $246,000 after purchasing an additional 2,131 shares during the period. Finally, EMC Capital Management acquired a new stake in Park Hotels & Resorts during the first quarter valued at approximately $351,000. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Trading Down 0.9 %

NYSE:PK traded down $0.14 during trading hours on Tuesday, hitting $15.36. The stock had a trading volume of 1,427,089 shares, compared to its average volume of 2,766,277. Park Hotels & Resorts Inc. has a one year low of $13.23 and a one year high of $18.05. The company has a market cap of $3.17 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 0.83 and a beta of 2.02. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The business's 50 day moving average is $14.45 and its 200-day moving average is $14.73.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The business had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. During the same period in the prior year, the business earned $0.51 EPS. The company's revenue for the quarter was down 4.4% compared to the same quarter last year. Sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.09 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently disclosed 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 is an increase from Park Hotels & Resorts's previous quarterly dividend of $0.25. This represents a $2.60 dividend on an annualized basis and a dividend yield of 16.93%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 63.69%.

Wall Street Analysts Forecast Growth

PK has been the subject of a number of analyst reports. StockNews.com cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Evercore ISI reduced their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 13th. Compass Point decreased their price objective 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. Wolfe Research cut shares of Park Hotels & Resorts from an "outperform" rating to a "peer perform" rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company increased their price target on Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an "equal weight" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $18.23.

Park Hotels & Resorts Company 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.