AQR Capital Management LLC Has $46.38 Million Position in Park Hotels & Resorts Inc. $PK

Key Points

• AQR Capital Management LLC increased its stake in Park Hotels & Resorts Inc. by 89.8%, now owning approximately 2.19% of the company's shares worth about $46.4 million.
• Park Hotels & Resorts reported quarterly earnings of $0.64 per share, exceeding estimates, but its revenue of $672 million was slightly below analyst expectations.
• The company declared a quarterly dividend of $0.25, yielding 8.3%, with a notably high dividend payout ratio of 370.37%.

AQR Capital Management LLC grew its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 89.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,383,530 shares of the financial services provider's stock after purchasing an additional 2,073,721 shares during the quarter. AQR Capital Management LLC owned 2.19% of Park Hotels & Resorts worth $46,378,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its stake in shares of Park Hotels & Resorts by 47.2% during the first quarter. Advisors Asset Management Inc. now owns 126,739 shares of the financial services provider's stock worth $1,354,000 after purchasing an additional 40,666 shares in the last quarter. Amundi lifted its stake in shares of Park Hotels & Resorts by 1.9% during the first quarter. Amundi now owns 115,143 shares of the financial services provider's stock worth $1,119,000 after purchasing an additional 2,179 shares in the last quarter. Ancora Advisors LLC lifted its stake in shares of Park Hotels & Resorts by 20,000.0% during the first quarter. Ancora Advisors LLC now owns 20,100 shares of the financial services provider's stock worth $215,000 after purchasing an additional 20,000 shares in the last quarter. H 2 Credit Manager LP lifted its stake in shares of Park Hotels & Resorts by 13.9% during the first quarter. H 2 Credit Manager LP now owns 3,903,750 shares of the financial services provider's stock worth $41,692,000 after purchasing an additional 475,000 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of Park Hotels & Resorts by 186.6% during the first quarter. Quarry LP now owns 7,170 shares of the financial services provider's stock worth $77,000 after purchasing an additional 4,668 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Stock Up 1.0%

NYSE PK traded up $0.12 on Wednesday, hitting $11.83. 2,992,634 shares of the stock traded hands, compared to its average volume of 4,109,612. The company has a market capitalization of $2.36 billion, a P/E ratio of 43.80 and a beta of 1.80. The stock has a 50-day moving average of $11.11 and a 200 day moving average of $10.77. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $16.23. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The business had revenue of $672.00 million during the quarter, compared to analyst estimates of $672.37 million. During the same period in the prior year, the company posted $0.65 EPS. The business's revenue for the quarter was down 2.0% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. As a group, analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.5%. Park Hotels & Resorts's dividend payout ratio is presently 370.37%.

Analyst Upgrades and Downgrades

PK has been the topic of a number of recent research reports. Evercore ISI cut Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective on the stock. in a research note on Friday, May 16th. Morgan Stanley reissued an "outperform" rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. JPMorgan Chase & Co. assumed coverage on Park Hotels & Resorts in a report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target for the company. Wall Street Zen downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and reduced their price target for the company from $16.00 to $11.00 in a report on Friday, May 30th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and a consensus price target of $12.20.

Park Hotels & Resorts Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.