Pitcairn Co. Sells 841 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Pitcairn Co. lessened its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 4.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,539 shares of the financial services provider’s stock after selling 841 shares during the quarter. Pitcairn Co.’s holdings in Park Hotels & Resorts were worth $233,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Zone Wealth Advisors LLC boosted its stake in 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 buying an additional 883 shares in the last quarter. Arizona State Retirement System boosted its position in shares of 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 valued at $883,000 after acquiring an additional 1,232 shares in 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 acquiring an additional 1,235 shares during the period. Kendall Capital Management lifted its stake in Park Hotels & Resorts by 11.0% during the second quarter. Kendall Capital Management now owns 15,095 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,500 shares during the period. Finally, United Services Automobile Association lifted its stake in 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 purchasing an additional 1,509 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PK has been the subject of several analyst reports. Wells Fargo & Company raised their target price on Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday. 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. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Wolfe Research cut shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Finally, Bank of America reduced their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Stock Up 1.3 %

NYSE PK opened at $15.56 on Thursday. The stock has a market capitalization of $3.21 billion, a P/E ratio of 9.91, a price-to-earnings-growth ratio of 0.85 and a beta of 2.02. Park Hotels & Resorts Inc. has a 52 week low of $13.23 and a 52 week high of $18.05. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a fifty day moving average of $14.49 and a 200-day moving average of $14.73.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same quarter in the previous year, the business earned $0.51 earnings per share. Park Hotels & Resorts’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.09 EPS 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. Investors of record on Tuesday, December 31st will be issued a $0.65 dividend. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a yield of 16.71%. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio is currently 63.69%.

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.