Retirement Systems of Alabama Sells 3,759 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Retirement Systems of Alabama reduced its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,929 shares of the financial services provider’s stock after selling 3,759 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of Park Hotels & Resorts worth $3,894,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PK. International Assets Investment Management LLC boosted its holdings in shares of Park Hotels & Resorts by 1,826.1% in the fourth quarter. International Assets Investment Management LLC now owns 29,759 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 28,214 shares during the period. Federated Hermes Inc. raised its position in Park Hotels & Resorts by 12.9% during the fourth quarter. Federated Hermes Inc. now owns 45,391 shares of the financial services provider’s stock valued at $694,000 after purchasing an additional 5,169 shares in the last quarter. Signaturefd LLC raised its position in Park Hotels & Resorts by 12.7% during the fourth quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after purchasing an additional 727 shares in the last quarter. Yousif Capital Management LLC raised its position in Park Hotels & Resorts by 3.1% during the fourth quarter. Yousif Capital Management LLC now owns 86,109 shares of the financial services provider’s stock valued at $1,317,000 after purchasing an additional 2,582 shares in the last quarter. Finally, Truist Financial Corp raised its position in Park Hotels & Resorts by 3.8% during the fourth quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider’s stock valued at $342,000 after purchasing an additional 816 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Stock Down 0.9 %

NYSE PK opened at $14.86 on Wednesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $3.13 billion, a PE ratio of 33.77, a PEG ratio of 0.69 and a beta of 2.03. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The business’s 50-day moving average is $14.59 and its 200 day moving average is $15.73.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.30). The business had revenue of $686.00 million during the quarter, compared to the consensus estimate of $694.94 million. Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. Sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.1 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.73%. Park Hotels & Resorts’s payout ratio is presently 227.27%.

Wall Street Analysts Forecast Growth

PK has been the topic of a number of research reports. UBS Group lowered their price target on 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. Barclays raised their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Truist Financial reduced 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. Finally, Evercore ISI reduced their price objective on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.42.

Park Hotels & Resorts Company Profile

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.