Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Park Hotels & Resorts Inc. (NYSE:PK) by 3.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,201 shares of the financial services provider’s stock after selling 3,089 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Park Hotels & Resorts were worth $1,244,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new position in Park Hotels & Resorts in the third quarter valued at approximately $33,000. Venturi Wealth Management LLC lifted its position in shares of Park Hotels & Resorts by 281.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,841 shares during the last quarter. Quarry LP boosted its holdings in shares of Park Hotels & Resorts by 82.1% in the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after buying an additional 1,857 shares in the last quarter. Claro Advisors LLC purchased a new position in shares of Park Hotels & Resorts in the 3rd quarter valued at $69,000. Finally, Covestor Ltd raised its stake in Park Hotels & Resorts by 64.8% during the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 2,711 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PK shares. Compass Point dropped their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. UBS Group raised their price target on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Bank of America lowered their target price on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Finally, Truist Financial reduced their price target on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Stock Down 0.5 %

PK stock opened at $15.74 on Friday. The stock has a market capitalization of $3.25 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 7.10 and a beta of 2.03. The company has a fifty day moving average of $14.55 and a 200-day moving average of $14.72. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts Inc. has a one year low of $13.23 and a one year high of $18.05.

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 net margin of 12.66% and a return on equity of 9.63%. 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 EPS. Park Hotels & Resorts’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, analysts expect that Park Hotels & Resorts Inc. will post 1.97 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. Shareholders of record on Tuesday, December 31st will be given a $0.65 dividend. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 annualized dividend and a yield of 16.52%. Park Hotels & Resorts’s dividend payout ratio is presently 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.