301,217 Park Hotels & Resorts Inc. $PK Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group cut its Park Hotels & Resorts stake by 9.9%, selling 301,217 shares in the third quarter. It still held about 2.73 million shares, valued at roughly $42.1 million.
• Park reported a quarterly loss of $0.10 per share, missing the $0.02 consensus estimate. Revenue of $602 million was near expectations but down 1.3% year over year.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a 6.1% yield at the cited share price. Analysts’ average rating was Hold, with an average price target of $16.64.

Private Management Group Inc. decreased its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 9.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,732,844 shares of the financial services provider's stock after selling 301,217 shares during the quarter. Park Hotels & Resorts comprises approximately 1.1% of Private Management Group Inc.'s holdings, making the stock its 18th largest position. Private Management Group Inc. owned approximately 1.36% of Park Hotels & Resorts worth $42,140,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Park Hotels & Resorts in the 2nd quarter valued at about $444,311,000. Donald Smith & CO. Inc. acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter worth approximately $207,120,000. Bank of America Corp DE acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter worth approximately $136,488,000. Dimensional Fund Advisors LP grew its stake in shares of Park Hotels & Resorts by 3.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,834,320 shares of the financial services provider's stock worth $29,847,000 after purchasing an additional 102,160 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Park Hotels & Resorts by 58.8% in the 1st quarter. Quantinno Capital Management LP now owns 2,075,796 shares of the financial services provider's stock worth $21,858,000 after purchasing an additional 768,369 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Trading Up 4.8%

Shares of PK opened at $16.50 on Tuesday. The business's 50-day moving average price is $15.69 and its 200 day moving average price is $13.38. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $3.32 billion, a P/E ratio of 8.27 and a beta of 1.41. Park Hotels & Resorts Inc. has a 1-year low of $9.84 and a 1-year high of $17.14.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The financial services provider reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.12). Park Hotels & Resorts had a negative net margin of 6.51% and a negative return on equity of 5.41%. The firm had revenue of $602.00 million for the quarter, compared to analysts' expectations of $601.95 million. During the same period in the prior year, the company posted $0.35 earnings per share. Park Hotels & Resorts's quarterly revenue was down 1.3% compared to the same quarter last year. Analysts expect that Park Hotels & Resorts Inc. will post 1.87 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.1%. The ex-dividend date is Thursday, December 31st. Park Hotels & Resorts's dividend payout ratio is -117.65%.

Analyst Ratings Changes

Several research firms recently commented on PK. Raymond James Financial raised shares of Park Hotels & Resorts from a "market perform" rating to a "strong-buy" rating and set a $19.00 target price for the company in a research note on Monday, September 28th. Morgan Stanley lifted their price target on shares of Park Hotels & Resorts from $11.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Monday, October 12th. Truist Financial upped their price target on Park Hotels & Resorts from $13.00 to $17.00 and gave the company a "hold" rating in a report on Thursday, September 10th. BMO Capital Markets upgraded Park Hotels & Resorts from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $14.00 to $18.00 in a research report on Tuesday, September 1st. Finally, Evercore set a $17.00 price objective on Park Hotels & Resorts in a research report on Monday, October 26th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $16.64.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a lodging real estate investment trust that owns and manages a portfolio of hotels and resorts. Its properties are generally operated by hotel companies under well-known brands, while Park focuses on hotel ownership and asset management.

The company's portfolio includes luxury and full-service properties serving business and leisure travelers. Many of its hotels operate under Hilton-affiliated brands, including Hilton, Waldorf Astoria, Conrad, DoubleTree and Embassy Suites.

Park was formed in 2017 when Hilton Worldwide Holdings spun off its hotel real estate business.

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