Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 1.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,291 shares of the financial services provider’s stock after selling 3,042 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of Park Hotels & Resorts worth $2,881,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Epoch Investment Partners Inc. increased its holdings in shares of Park Hotels & Resorts by 135.7% during the first quarter. Epoch Investment Partners Inc. now owns 1,391,881 shares of the financial services provider’s stock valued at $24,344,000 after acquiring an additional 801,372 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Park Hotels & Resorts by 492.7% in the 1st quarter. Acadian Asset Management LLC now owns 54,345 shares of the financial services provider’s stock worth $950,000 after buying an additional 45,176 shares during the period. Los Angeles Capital Management LLC increased its holdings in Park Hotels & Resorts by 601.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock worth $36,921,000 after buying an additional 1,809,886 shares during the period. Diversified Trust Co acquired a new position in Park Hotels & Resorts in the 2nd quarter worth approximately $599,000. Finally, ClariVest Asset Management LLC acquired a new position in Park Hotels & Resorts in the 1st quarter worth approximately $1,240,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

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

Park Hotels & Resorts Trading Up 0.4 %

Shares of NYSE:PK opened at $14.17 on Wednesday. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 32.20, a price-to-earnings-growth ratio of 0.68 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58. The business’s 50 day moving average price is $14.45 and its 200-day moving average price is $15.31.

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

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.06%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 227.27%.

About Park Hotels & Resorts

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.