Park Hotels & Resorts Inc. (NYSE:PK) Shares Acquired by Covestor Ltd

Covestor Ltd raised its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 51.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,436 shares of the financial services provider’s stock after purchasing an additional 3,542 shares during the period. Covestor Ltd’s holdings in Park Hotels & Resorts were worth $147,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Capital Fund Management S.A. boosted its position in shares of Park Hotels & Resorts by 24.2% in the fourth quarter. Capital Fund Management S.A. now owns 107,713 shares of the financial services provider’s stock worth $1,516,000 after buying an additional 20,989 shares during the period. Raymond James Financial Inc. bought a new position in Park Hotels & Resorts during the 4th quarter valued at $873,000. Capula Management Ltd acquired a new position in Park Hotels & Resorts in the fourth quarter worth about $315,000. Invesco Ltd. increased its holdings in shares of Park Hotels & Resorts by 84.0% in the 4th quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider’s stock valued at $39,929,000 after acquiring an additional 1,295,548 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Park Hotels & Resorts by 283.1% during the fourth quarter. Bank of Montreal Can now owns 480,199 shares of the financial services provider’s stock worth $6,756,000 after purchasing an additional 354,862 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on PK shares. Wells Fargo & Company lowered their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday. Truist Financial reduced their target price on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Jefferies Financial Group downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $19.00 to $10.00 in a research report on Wednesday. Finally, UBS Group lowered their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.39.

Park Hotels & Resorts Price Performance

Shares of Park Hotels & Resorts stock opened at $9.52 on Friday. Park Hotels & Resorts Inc. has a 52 week low of $8.27 and a 52 week high of $17.40. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. The company’s 50-day moving average price is $11.58 and its two-hundred day moving average price is $13.43. The stock has a market cap of $1.92 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 10.51%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio is 99.01%.

About Park Hotels & Resorts

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.