301,217 Park Hotels & Resorts Inc. $PK Shares Sold by Private Management Group Inc.

Private Management Group Inc. lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 9.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,732,844 shares of the financial services provider’s stock after selling 301,217 shares during the quarter. Park Hotels & Resorts makes up 1.1% of Private Management Group Inc.’s investment portfolio, making the stock its 18th largest holding. Private Management Group Inc.’s holdings in Park Hotels & Resorts were worth $42,140,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Two Sigma Securities LLC purchased a new position in Park Hotels & Resorts during the second quarter valued at approximately $527,000. Northwestern Mutual Wealth Management Co. increased its stake in Park Hotels & Resorts by 227.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 121,666 shares of the financial services provider’s stock valued at $1,734,000 after buying an additional 84,544 shares during the period. Advisors Capital Management LLC purchased a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $19,160,000. The Manufacturers Life Insurance Company purchased a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $2,748,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $3,131,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Up 4.8%

NYSE:PK opened at $16.50 on Tuesday. The stock’s 50 day moving average price is $15.69 and its 200 day moving average price is $13.38. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $17.14. The company has a market capitalization of $3.32 billion, a P/E ratio of 8.27 and a beta of 1.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Wednesday, November 4th. The financial services provider reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.12). The business had revenue of $602.00 million for the quarter, compared to the consensus estimate of $601.95 million. Park Hotels & Resorts had a negative net margin of 6.51% and a negative return on equity of 5.41%. Park Hotels & Resorts’s revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS. On average, research analysts forecast that Park Hotels & Resorts Inc. will post 1.87 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 6.1%. Park Hotels & Resorts’s dividend payout ratio is -117.65%.

Analyst Upgrades and Downgrades

PK has been the subject of a number of research reports. Evercore set a $17.00 target price on shares of Park Hotels & Resorts in a research note on Monday, October 26th. UBS Group raised shares of Park Hotels & Resorts from a “neutral” rating to a “hold” rating in a research note on Monday, September 28th. Truist Financial increased their price objective on Park Hotels & Resorts from $13.00 to $17.00 and gave the stock a “hold” rating in a report on Thursday, September 10th. Weiss Ratings upgraded Park Hotels & Resorts from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 23rd. Finally, Morgan Stanley lifted their price objective on Park Hotels & Resorts from $11.00 to $13.00 and gave the company an “equal weight” rating in a research report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $16.64.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a lodging real estate investment trust that owns and manages a portfolio of hotels and resorts. Its properties are generally operated by hotel companies under well-known brands, while Park focuses on hotel ownership and asset management.

The company’s portfolio includes luxury and full-service properties serving business and leisure travelers. Many of its hotels operate under Hilton-affiliated brands, including Hilton, Waldorf Astoria, Conrad, DoubleTree and Embassy Suites.

Park was formed in 2017 when Hilton Worldwide Holdings spun off its hotel real estate business.