Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 3.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 185,150 shares of the financial services provider’s stock after selling 7,141 shares during the period. The Manufacturers Life Insurance Company’s holdings in Park Hotels & Resorts were worth $2,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. purchased a new stake in shares of Park Hotels & Resorts during the 3rd quarter valued at approximately $33,000. Venturi Wealth Management LLC raised its position in Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,841 shares during the period. Quarry LP lifted its stake 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 purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in shares of Park Hotels & Resorts during the 3rd quarter worth $69,000. Finally, Covestor Ltd boosted its stake in Park Hotels & Resorts by 64.8% during the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after buying an additional 2,711 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $15.65 on Monday. The firm has a market capitalization of $3.23 billion, a PE ratio of 9.97, a price-to-earnings-growth ratio of 7.11 and a beta of 2.03. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The business’s fifty day moving average price is $14.56 and its 200 day moving average price is $14.70. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same quarter in the prior year, the company earned $0.51 EPS. The business’s revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.97 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 16.61%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Truist Financial cut their price objective on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on Park Hotels & Resorts from $14.50 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 26th. Evercore ISI reduced their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Finally, Bank of America dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. One investment 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $18.23.

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.