Allspring Global Investments Holdings LLC Increases Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Allspring Global Investments Holdings LLC boosted its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 264.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 304,584 shares of the financial services provider’s stock after purchasing an additional 221,111 shares during the period. Allspring Global Investments Holdings LLC owned about 0.15% of Park Hotels & Resorts worth $4,197,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its holdings in Park Hotels & Resorts by 0.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock valued at $1,128,000 after purchasing an additional 752 shares during the period. Cascade Investment Advisors Inc. increased its holdings in Park Hotels & Resorts by 1.3% during the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock valued at $1,034,000 after purchasing an additional 915 shares during the period. Tidal Investments LLC increased its holdings 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 purchasing an additional 1,020 shares during the period. KBC Group NV increased its holdings in Park Hotels & Resorts by 34.4% during the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 1,882 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new position in Park Hotels & Resorts during the 3rd quarter valued at about $33,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

PK has been the topic of a number of research analyst reports. Compass Point reduced their target price 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. Jefferies Financial Group reduced their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. Wells Fargo & Company decreased their price objective on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday. Finally, UBS Group reduced their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.15.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $13.03 on Friday. Park Hotels & Resorts Inc. has a one year low of $12.56 and a one year high of $18.05. The company’s 50-day moving average is $13.82 and its 200 day moving average is $14.31. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 1.51 and a beta of 2.00. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $609.05 million. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.97 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 7.68%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is 63.69%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.