Van ECK Associates Corp Grows Position in Park Hotels & Resorts Inc. (NYSE:PK)

Van ECK Associates Corp boosted its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 8.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,852 shares of the financial services provider’s stock after purchasing an additional 2,895 shares during the quarter. Van ECK Associates Corp’s holdings in Park Hotels & Resorts were worth $547,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in Park Hotels & Resorts by 264.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 304,584 shares of the financial services provider’s stock valued at $4,197,000 after buying an additional 221,111 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Park Hotels & Resorts during the fourth quarter worth $612,000. Empowered Funds LLC acquired a new position in shares of Park Hotels & Resorts during the fourth quarter worth $286,000. Wilmington Savings Fund Society FSB lifted its position in shares of Park Hotels & Resorts by 24.3% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 42,035 shares of the financial services provider’s stock worth $591,000 after purchasing an additional 8,216 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in shares of Park Hotels & Resorts during the fourth quarter worth $322,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PK has been the topic of several recent analyst reports. Compass Point cut their price target on shares of 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 cut their price target on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday. UBS Group lowered their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Finally, Wells Fargo & Company lowered their price target on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. One investment 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, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average price target of $18.15.

Park Hotels & Resorts Stock Performance

PK stock opened at $12.63 on Friday. Park Hotels & Resorts Inc. has a fifty-two week low of $12.52 and a fifty-two week high of $18.05. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $2.61 billion, a P/E ratio of 12.51, a PEG ratio of 1.51 and a beta of 2.00. The company has a 50-day simple moving average of $13.77 and a 200 day simple moving average of $14.31.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The firm had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $609.05 million. Sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.92%. Park Hotels & Resorts’s dividend payout ratio is 99.01%.

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.