Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Sound Income Strategies LLC

Sound Income Strategies LLC lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 68.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 276,568 shares of the financial services provider's stock after selling 605,719 shares during the quarter. Sound Income Strategies LLC owned about 0.13% of Park Hotels & Resorts worth $3,891,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in PK. Harbor Capital Advisors Inc. purchased a new stake in Park Hotels & Resorts during the 3rd quarter worth about $33,000. Venturi Wealth Management LLC increased its stake in shares of Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock worth $54,000 after buying an additional 2,841 shares during the period. Quarry LP increased its stake in shares of Park Hotels & Resorts by 82.1% during the second quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock worth $62,000 after buying an additional 1,857 shares during the period. Claro Advisors LLC acquired a new stake in Park Hotels & Resorts in the third quarter valued at approximately $69,000. Finally, Covestor Ltd lifted its stake in Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider's stock worth $97,000 after acquiring an additional 2,711 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Tuesday, January 7th. Wells Fargo & Company lifted their price target on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Monday, December 9th. Bank of America dropped 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. UBS Group boosted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, November 18th. Finally, Wolfe Research lowered shares of Park Hotels & Resorts from an "outperform" rating to a "peer perform" rating in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $18.65.

Park Hotels & Resorts Stock Performance

PK stock traded down $0.35 during trading on Friday, hitting $13.43. The company had a trading volume of 3,218,500 shares, compared to its average volume of 3,134,313. The firm has a 50-day moving average price of $14.68 and a 200-day moving average price of $14.54. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The firm has a market cap of $2.77 billion, a PE ratio of 8.56, a price-to-earnings-growth ratio of 5.69 and a beta of 2.02. Park Hotels & Resorts Inc. has a 1-year low of $13.22 and a 1-year high of $18.05.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $649.00 million for the quarter, compared to analysts' expectations of $646.15 million. During the same quarter in the previous year, the company posted $0.51 EPS. The firm's quarterly revenue was down 4.4% compared to the same quarter last year. On average, analysts expect that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $0.65 dividend. This is a boost from Park Hotels & Resorts's previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 19.36%. The ex-dividend date was Tuesday, December 31st. Park Hotels & Resorts's dividend payout ratio (DPR) is currently 63.69%.

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.