AQR Capital Management LLC Has $46.38 Million Stock 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 boosted 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 filing with the Securities and Exchange Commission (SEC). The firm owned 4,383,530 shares of the financial services provider's stock after acquiring an additional 2,073,721 shares during the period. AQR Capital Management LLC owned 2.19% of Park Hotels & Resorts worth $46,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Spire Wealth Management increased its position in shares of Park Hotels & Resorts by 47.1% in the first quarter. Spire Wealth Management now owns 7,625 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,440 shares during the period. Northern Trust Corp grew its stake in Park Hotels & Resorts by 38.9% during the fourth quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock worth $38,585,000 after buying an additional 767,818 shares in the last quarter. M&T Bank Corp grew its stake in Park Hotels & Resorts by 54.8% during the first quarter. M&T Bank Corp now owns 75,070 shares of the financial services provider's stock worth $801,000 after buying an additional 26,586 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Park Hotels & Resorts by 34.4% in the 1st quarter. Teacher Retirement System of Texas now owns 30,199 shares of the financial services provider's stock valued at $323,000 after buying an additional 7,724 shares during the period. Finally, Boston Partners raised its position in shares of Park Hotels & Resorts by 35.2% in the 1st quarter. Boston Partners now owns 71,343 shares of the financial services provider's stock valued at $762,000 after buying an additional 18,566 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on PK shares. Citigroup lowered shares of Park Hotels & Resorts from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $13.00 to $12.00 in a research report on Tuesday. Evercore ISI downgraded Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price on the stock. in a report on Friday, May 16th. Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their target price for the company from $16.00 to $11.00 in a research report on Friday, May 30th. Wall Street Zen cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company raised their price objective on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $12.20.

Park Hotels & Resorts Trading Down 0.4%

NYSE PK traded down $0.05 during trading hours on Friday, hitting $11.96. 2,887,553 shares of the company's stock were exchanged, compared to its average volume of 3,097,609. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 44.28 and a beta of 1.80. The stock has a 50-day simple moving average of $11.17 and a 200 day simple moving average of $10.77. 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 Inc. has a 1-year low of $8.27 and a 1-year high of $16.23.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $672.00 million for the quarter, compared to analysts' expectations of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The company's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 EPS. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 370.37%.

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.