Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Vestcor Inc

Vestcor Inc lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 14.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 203,452 shares of the financial services provider's stock after selling 35,657 shares during the period. Vestcor Inc owned 0.10% of Park Hotels & Resorts worth $2,869,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PK. Harbor Capital Advisors Inc. acquired a new position in Park Hotels & Resorts in the 3rd quarter valued at about $33,000. Venturi Wealth Management LLC raised its position in shares of Park Hotels & Resorts by 281.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider's stock valued at $54,000 after buying an additional 2,841 shares during the period. Quarry LP lifted its holdings in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider's stock valued at $62,000 after acquiring an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts in the third quarter worth approximately $69,000. Finally, Covestor Ltd increased its stake in Park Hotels & Resorts by 64.8% during 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 Upgrades and Downgrades

A number of equities analysts recently weighed in on PK shares. Wells Fargo & Company increased 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 research report on Monday. StockNews.com cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. 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 report on Thursday, October 31st. Truist Financial lowered their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 4th. Finally, Evercore ISI cut 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 note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $18.32.

Park Hotels & Resorts Stock Performance

PK traded down $0.05 on Wednesday, hitting $15.56. 4,035,119 shares of the company traded hands, compared to its average volume of 2,780,790. The company has a 50 day moving average of $14.66 and a 200-day moving average of $14.70. Park Hotels & Resorts Inc. has a 12-month low of $13.23 and a 12-month high of $18.05. The stock has a market capitalization of $3.21 billion, a PE ratio of 9.91, a PEG ratio of 7.03 and a beta of 2.03. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. Sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost 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 16.71%. Park Hotels & Resorts's dividend payout ratio is 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.