Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 26.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 810,461 shares of the financial services provider’s stock after selling 290,889 shares during the period. Principal Financial Group Inc. owned approximately 0.39% of Park Hotels & Resorts worth $11,427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC boosted its stake in Park Hotels & Resorts by 5.5% during the 3rd quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock valued at $275,000 after acquiring an additional 1,020 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Park Hotels & Resorts by 2.1% during the second quarter. Arizona State Retirement System now owns 58,940 shares of the financial services provider’s stock worth $883,000 after purchasing an additional 1,232 shares during the last quarter. Bfsg LLC grew its stake in Park Hotels & Resorts by 8.7% in the third quarter. Bfsg LLC now owns 15,440 shares of the financial services provider’s stock worth $218,000 after purchasing an additional 1,235 shares in the last quarter. Kendall Capital Management grew its stake in Park Hotels & Resorts by 11.0% in the second quarter. Kendall Capital Management now owns 15,095 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,500 shares in the last quarter. Finally, United Services Automobile Association increased its holdings in Park Hotels & Resorts by 10.5% in the second quarter. United Services Automobile Association now owns 15,826 shares of the financial services provider’s stock valued at $237,000 after buying an additional 1,509 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

PK opened at $14.92 on Monday. The firm has a market capitalization of $3.08 billion, a P/E ratio of 9.50, a PEG ratio of 6.90 and a beta of 2.03. The stock has a fifty day moving average of $14.84 and a 200-day moving average of $14.66. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 12-month low of $13.23 and a 12-month high of $18.05.

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

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 17.43%. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

Analyst Upgrades and Downgrades

PK has been the topic of several research analyst reports. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. UBS Group boosted their price objective on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. Bank of America dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Finally, Truist Financial decreased their target price 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. 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, the stock presently has a consensus rating of “Hold” and an average target price of $18.55.

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.