The Manufacturers Life Insurance Company Sells 4,346 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

The Manufacturers Life Insurance Company lowered its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 180,804 shares of the financial services provider’s stock after selling 4,346 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Park Hotels & Resorts worth $2,544,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in Park Hotels & Resorts by 0.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock worth $1,128,000 after buying an additional 752 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Park Hotels & Resorts by 3.4% in the 4th quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider’s stock worth $329,000 after acquiring an additional 764 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in shares of Park Hotels & Resorts by 7.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 813 shares during the period. Xponance Inc. grew its holdings in Park Hotels & Resorts by 3.8% during the 4th 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 during the last quarter. Finally, Cascade Investment Advisors Inc. raised its position in Park Hotels & Resorts by 1.3% in the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock worth $1,034,000 after purchasing an additional 915 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Trading Down 0.4 %

Shares of NYSE PK opened at $10.37 on Friday. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.58. The business has a fifty day moving average price of $10.48 and a 200 day moving average price of $12.84. The stock has a market capitalization of $2.09 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 1.51 and a beta of 1.75. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $630.00 million for the quarter, compared to analysts’ expectations of $620.17 million. During the same period last year, the business earned $0.52 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. Equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 9.64%. The ex-dividend date of this dividend is Monday, June 30th. Park Hotels & Resorts’s dividend payout ratio is presently 169.49%.

Wall Street Analysts Forecast Growth

PK has been the subject of several recent analyst reports. UBS Group dropped their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company dropped their price objective 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. Morgan Stanley reduced their target price on Park Hotels & Resorts from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Bank of America lowered shares of Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 target price for the company. in a research note on Wednesday, April 30th. Finally, StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and an average target price of $14.60.

Park Hotels & Resorts 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.