Bank of America Corp DE Has $79.99 Million Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Bank of America Corp DE reduced its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 8.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,684,889 shares of the financial services provider’s stock after selling 518,668 shares during the quarter. Bank of America Corp DE owned approximately 2.75% of Park Hotels & Resorts worth $79,986,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PK. Norges Bank purchased a new stake in Park Hotels & Resorts in the 4th quarter valued at $41,087,000. Landmark Investment Partners L.P. purchased a new stake in Park Hotels & Resorts in the 4th quarter valued at $21,342,000. Invesco Ltd. raised its position in 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 buying an additional 1,295,548 shares during the last quarter. Donald Smith & CO. Inc. raised its position in Park Hotels & Resorts by 13.9% in the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock valued at $129,446,000 after buying an additional 1,122,839 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in Park Hotels & Resorts in the 4th quarter valued at $14,890,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PK. Evercore ISI lowered their price target on Park Hotels & Resorts from $16.00 to $13.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their price target for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Bank of America downgraded shares of Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 price objective for the company. in a report on Wednesday, April 30th. Finally, Truist Financial decreased their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $14.60.

Park Hotels & Resorts Price Performance

PK opened at $10.37 on Monday. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.51 and a beta of 1.75. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The firm has a 50-day moving average price of $10.48 and a 200-day moving average price of $12.83. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $16.58.

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

Park Hotels & Resorts Announces Dividend

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

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.