State Street Corp Reduces Position in Park Hotels & Resorts Inc. (NYSE:PK)

State Street Corp cut its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,330,464 shares of the financial services provider's stock after selling 44,265 shares during the quarter. State Street Corp owned 5.49% of Park Hotels & Resorts worth $162,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PK. Harbor Capital Advisors Inc. purchased a new position in shares of Park Hotels & Resorts in the third quarter valued at about $33,000. Venturi Wealth Management LLC grew its stake in shares of Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock worth $54,000 after purchasing an additional 2,841 shares during the last quarter. Quarry LP increased its holdings in Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock valued at $62,000 after purchasing an additional 1,857 shares during the period. Claro Advisors LLC bought a new position in Park Hotels & Resorts during the 3rd quarter valued at approximately $69,000. Finally, Covestor Ltd raised its position in Park Hotels & Resorts by 64.8% during the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 2,711 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PK shares. Compass Point cut their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Bank of America reduced their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating on the stock in a research report on Monday, October 21st. Wells Fargo & Company upped their price objective on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Monday, December 9th. UBS Group increased their price target on shares of 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, StockNews.com cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $18.32.

Park Hotels & Resorts Stock Down 0.7 %

Shares of Park Hotels & Resorts stock traded down $0.11 during midday trading on Friday, hitting $15.28. The company had a trading volume of 4,191,506 shares, compared to its average volume of 2,789,669. The company has a 50 day moving average of $14.68 and a 200 day moving average of $14.70. The stock has a market capitalization of $3.15 billion, a P/E ratio of 9.73, a P/E/G ratio of 7.02 and a beta of 2.03. Park Hotels & Resorts Inc. has a 52-week low of $13.23 and a 52-week high of $18.05. 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 (NYSE:PK - Get Free Report) last released its 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). The company had revenue of $649.00 million during the quarter, compared to analysts' expectations of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The company's revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.51 earnings per share. On average, equities analysts predict that Park Hotels & Resorts Inc. will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 17.02%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Park Hotels & Resorts's previous quarterly dividend of $0.25. Park Hotels & Resorts's dividend payout ratio is currently 63.69%.

Park Hotels & Resorts 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.