Fisher Asset Management LLC Cuts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Fisher Asset Management LLC reduced its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 13.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,539,246 shares of the financial services provider’s stock after selling 230,652 shares during the quarter. Fisher Asset Management LLC owned about 0.73% of Park Hotels & Resorts worth $23,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. purchased a new stake in Park Hotels & Resorts during the 4th quarter valued at approximately $35,000. FNY Investment Advisers LLC bought a new position in shares of Park Hotels & Resorts during the 4th quarter valued at approximately $42,000. Covestor Ltd boosted its position in shares of Park Hotels & Resorts by 31.5% during the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,340 shares during the last quarter. Signaturefd LLC boosted its position in shares of Park Hotels & Resorts by 12.7% during the 4th quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after acquiring an additional 727 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at approximately $173,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Down 0.4 %

NYSE:PK opened at $14.93 on Wednesday. Park Hotels & Resorts Inc. has a twelve month low of $11.05 and a twelve month high of $18.05. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 33.92, a price-to-earnings-growth ratio of 0.71 and a beta of 2.01. The stock has a fifty day simple moving average of $15.98 and a 200-day simple moving average of $16.15. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.20.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.17). Park Hotels & Resorts had a return on equity of 3.08% and a net margin of 3.42%. The business had revenue of $639.00 million for the quarter, compared to the consensus estimate of $630.46 million. Analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.70%. Park Hotels & Resorts’s payout ratio is currently 227.28%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wedbush reiterated a “neutral” rating and set a $17.00 target price on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. UBS Group increased their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. Barclays increased their target price on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. StockNews.com upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, Truist Financial lowered their price target on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $17.83.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.