Fmr LLC Sells 535,993 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Fmr LLC reduced its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 96.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,779 shares of the financial services provider’s stock after selling 535,993 shares during the quarter. Fmr LLC’s holdings in Park Hotels & Resorts were worth $293,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PK. Harbor Capital Advisors Inc. bought a new position in Park Hotels & Resorts in the 3rd quarter valued at $33,000. Venturi Wealth Management LLC raised its holdings in shares of Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,841 shares during the last quarter. Quarry LP lifted its position in Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after buying an additional 1,857 shares in the last quarter. Claro Advisors LLC bought a new stake in Park Hotels & Resorts during the 3rd quarter worth about $69,000. Finally, Covestor Ltd increased its position in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 2,711 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Truist Financial decreased their price target 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. 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 boosted their target price on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Compass Point decreased their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $18.55.

Park Hotels & Resorts Stock Up 2.6 %

Shares of NYSE PK opened at $14.85 on Friday. Park Hotels & Resorts Inc. has a 52-week low of $13.23 and a 52-week high of $18.05. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a market cap of $3.07 billion, a P/E ratio of 9.46, a P/E/G ratio of 6.90 and a beta of 2.03. The firm has a 50 day moving average price of $14.77 and a 200 day moving average price of $14.67.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. Park Hotels & Resorts’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.51 EPS. Analysts expect that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 17.51%. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

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.