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

Principal Financial Group Inc. cut its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 26.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 810,461 shares of the financial services provider’s stock after selling 290,889 shares during the period. Principal Financial Group Inc. owned about 0.39% of Park Hotels & Resorts worth $11,427,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Blue Zone Wealth Advisors LLC grew its position in shares of Park Hotels & Resorts by 0.4% during the second quarter. Blue Zone Wealth Advisors LLC now owns 252,737 shares of the financial services provider’s stock worth $3,786,000 after acquiring an additional 883 shares during the last quarter. Arizona State Retirement System grew its position in Park Hotels & Resorts by 2.1% during the 2nd 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 increased 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 valued at $218,000 after purchasing an additional 1,235 shares during the period. Kendall Capital Management raised its holdings in shares of 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 valued at $226,000 after buying an additional 1,500 shares during the last quarter. Finally, United Services Automobile Association boosted its stake in shares of Park Hotels & Resorts by 10.5% during the second quarter. United Services Automobile Association now owns 15,826 shares of the financial services provider’s stock worth $237,000 after buying an additional 1,509 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PK shares. UBS Group reduced 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. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Bank of America lowered 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 report on Monday, October 21st. Wells Fargo & Company cut their price objective on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research report on Friday, September 13th. Finally, Truist Financial lowered their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and an average price target of $18.00.

Park Hotels & Resorts Trading Down 1.4 %

Shares of PK stock opened at $14.49 on Monday. The stock has a market cap of $2.99 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.80 and a beta of 2.02. 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 fifty-two week low of $13.23 and a fifty-two week high of $18.05. The business has a fifty day simple moving average of $14.36 and a 200-day simple moving average of $14.79.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business 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%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2.09 earnings per share for the current fiscal year.

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.