Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,285,026 shares of the financial services provider’s stock after selling 126,471 shares during the period. Legal & General Group Plc owned approximately 0.62% of Park Hotels & Resorts worth $18,080,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PK. Wealth Enhancement Advisory Services LLC boosted its holdings in Park Hotels & Resorts by 0.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock valued at $1,128,000 after acquiring an additional 752 shares during the period. Assetmark Inc. boosted its stake in shares of Park Hotels & Resorts by 3.4% in the fourth quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 764 shares during the period. Xponance Inc. grew its holdings in shares of Park Hotels & Resorts by 3.8% in the fourth quarter. Xponance Inc. now owns 24,650 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 892 shares in the last quarter. Cascade Investment Advisors Inc. increased its stake in Park Hotels & Resorts by 1.3% during the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock worth $1,034,000 after buying an additional 915 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in Park Hotels & Resorts by 0.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 338,032 shares of the financial services provider’s stock worth $5,043,000 after buying an additional 1,011 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK opened at $9.63 on Tuesday. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $17.26. The firm has a market capitalization of $1.94 billion, a P/E ratio of 9.53, a P/E/G ratio of 1.51 and a beta of 1.73. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. The company’s fifty day moving average price is $11.51 and its 200 day moving average price is $13.39.

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

Park Hotels & Resorts Cuts Dividend

The firm 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 $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.38%. Park Hotels & Resorts’s payout ratio is 99.01%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Truist Financial reduced their price objective on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Jefferies Financial Group cut Park Hotels & Resorts from a “buy” rating to a “hold” rating and decreased their price objective for the company from $19.00 to $10.00 in a research note on Wednesday, April 9th. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, April 10th. UBS Group decreased their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and an average price target of $16.39.

Park Hotels & Resorts Company Profile

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.