Mackenzie Financial Corp Sells 13,958 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Mackenzie Financial Corp decreased its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 47.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 15,386 shares of the financial services provider’s stock after selling 13,958 shares during the period. Mackenzie Financial Corp’s holdings in Park Hotels & Resorts were worth $230,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new stake in shares of Park Hotels & Resorts in the 1st quarter valued at about $26,000. Raleigh Capital Management Inc. bought a new stake in shares of Park Hotels & Resorts in the 4th quarter worth approximately $35,000. YHB Investment Advisors Inc. bought a new stake in shares of Park Hotels & Resorts during the first quarter valued at approximately $40,000. FinTrust Capital Advisors LLC boosted its position in shares of Park Hotels & Resorts by 260.5% during the first quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 3,668 shares in the last quarter. Finally, EntryPoint Capital LLC boosted its position in shares of Park Hotels & Resorts by 53.5% during the first quarter. EntryPoint Capital LLC now owns 6,488 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 2,260 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $14.12 on Tuesday. The firm has a market capitalization of $2.95 billion, a PE ratio of 32.09, a P/E/G ratio of 0.68 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a 50-day simple moving average of $14.47 and a two-hundred day simple moving average of $15.33. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The business had revenue of $686.00 million during the quarter, compared to the consensus estimate of $694.94 million. Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. Analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 7.08%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.28%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PK shares. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Wells Fargo & Company dropped their price target on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating on the stock in a research report on Friday, September 13th. Evercore ISI lowered their price objective on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. UBS Group lowered their price objective on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, Truist Financial decreased their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.05.

Park Hotels & Resorts 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.