Geode Capital Management LLC Has $55.51 Million Stock Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Geode Capital Management LLC reduced its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 0.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,936,127 shares of the financial services provider’s stock after selling 6,744 shares during the quarter. Geode Capital Management LLC owned about 1.91% of Park Hotels & Resorts worth $55,512,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PK. Barclays PLC boosted its stake in Park Hotels & Resorts by 22.4% during the third quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock worth $4,507,000 after acquiring an additional 58,432 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in shares of Park Hotels & Resorts by 81.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,051 shares of the financial services provider’s stock valued at $593,000 after buying an additional 18,892 shares during the period. MML Investors Services LLC boosted its holdings in Park Hotels & Resorts by 55.1% in the third quarter. MML Investors Services LLC now owns 24,634 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 8,749 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of Park Hotels & Resorts by 420.7% during the third quarter. XTX Topco Ltd now owns 89,168 shares of the financial services provider’s stock valued at $1,257,000 after acquiring an additional 72,044 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new position in shares of Park Hotels & Resorts in the 3rd quarter worth $224,000. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PK has been the topic of a number of recent research reports. Bank of America dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Truist Financial lowered their price target on 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. Wells Fargo & Company increased 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. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Compass Point dropped their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.55.

Park Hotels & Resorts Trading Up 2.6 %

Shares of PK opened at $14.85 on Monday. The firm has a market cap of $3.07 billion, a P/E ratio of 9.46, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. Park Hotels & Resorts Inc. has a fifty-two week low of $13.23 and a fifty-two 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 business has a 50-day moving average of $14.77 and a 200 day moving average of $14.66.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results 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 business had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. During the same quarter in the previous year, the company posted $0.51 earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. As a group, research analysts forecast that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business 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 dividend of $0.65 per share. 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 dividend on an annualized basis and a yield of 17.51%. Park Hotels & Resorts’s dividend payout ratio is 63.69%.

Park Hotels & Resorts 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.