Fmr LLC Sells 535,993 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Fmr LLC lessened its position in Park Hotels & Resorts Inc. (NYSE:PK) by 96.3% during the third quarter, Holdings Channel reports. The institutional investor owned 20,779 shares of the financial services provider’s stock after selling 535,993 shares during the quarter. Fmr LLC’s holdings in Park Hotels & Resorts were worth $293,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC boosted its stake in shares of Park Hotels & Resorts by 287.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after buying an additional 3,897,889 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in Park Hotels & Resorts by 286.9% during the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock worth $38,904,000 after acquiring an additional 1,925,850 shares in the last quarter. Donald Smith & CO. Inc. boosted its position in Park Hotels & Resorts by 22.5% during the third quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock valued at $113,890,000 after purchasing an additional 1,484,295 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Park Hotels & Resorts by 345.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after purchasing an additional 802,939 shares in the last quarter. Finally, Foundry Partners LLC acquired a new position in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $9,238,000. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $14.85 on Friday. The stock has a market cap of $3.07 billion, a P/E ratio of 9.46, a PEG ratio of 6.90 and a beta of 2.03. The stock has a 50 day simple moving average of $14.77 and a 200 day simple moving average of $14.67. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05.

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

Park Hotels & Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.65 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a yield of 17.51%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is currently 63.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group increased their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Compass Point decreased their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company upped their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Finally, Truist Financial dropped their price objective on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. One equities 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 company. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $18.55.

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.