Wealth Enhancement Advisory Services LLC Sells 39,540 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Wealth Enhancement Advisory Services LLC reduced its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 59.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,543 shares of the financial services provider’s stock after selling 39,540 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Park Hotels & Resorts were worth $398,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PK. Fidelis Capital Partners LLC purchased a new position in Park Hotels & Resorts in the first quarter worth $26,000. Raleigh Capital Management Inc. purchased a new position in shares of Park Hotels & Resorts in the 4th quarter worth about $35,000. YHB Investment Advisors Inc. bought a new position in Park Hotels & Resorts during the first quarter valued at about $40,000. FinTrust Capital Advisors LLC increased its holdings in Park Hotels & Resorts by 260.5% during the first quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock worth $89,000 after buying an additional 3,668 shares during the last quarter. Finally, Signaturefd LLC raised its position in Park Hotels & Resorts by 12.7% in the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 727 shares during the period. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $15.15 on Friday. The stock has a market cap of $3.19 billion, a P/E ratio of 34.43, a PEG ratio of 0.69 and a beta of 2.03. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. The business’s 50-day moving average price is $14.60 and its two-hundred day moving average price is $15.73. Park Hotels & Resorts Inc. has a twelve month low of $11.05 and a twelve month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The company had revenue of $686.00 million during the quarter, compared to analysts’ expectations of $694.94 million. Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. As a group, equities analysts predict that Park Hotels & Resorts Inc. will post 2.1 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 6.60%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.27%.

Wall Street Analysts Forecast Growth

PK has been the subject of several research analyst reports. Barclays raised their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Wedbush reissued a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. UBS Group lowered their price target on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. StockNews.com upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, Truist Financial decreased their price objective on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and an average target price of $17.42.

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.