Citigroup Inc. Has $9.82 Million Position in Park Hotels & Resorts Inc. $PK

Key Points

• Citigroup Inc. increased its stake in Park Hotels & Resorts Inc. by 275.5%, owning approximately 919,805 shares valued at nearly $9.8 million, according to a recent SEC filing.
• Park Hotels & Resorts recently declared a quarterly dividend of $0.25 per share, equating to an annualized yield of 9.2%, with a payout ratio of 370.37%.
• Despite the dividend announcement, shares of Park Hotels have experienced a decline of 1.6% recently, with current trading around $10.91, well below its one-year high of $16.23.

Citigroup Inc. boosted its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 275.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 919,805 shares of the financial services provider's stock after buying an additional 674,851 shares during the quarter. Citigroup Inc. owned approximately 0.46% of Park Hotels & Resorts worth $9,824,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. UMB Bank n.a. grew its stake in Park Hotels & Resorts by 140.9% in the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock valued at $25,000 after buying an additional 1,395 shares during the last quarter. Quarry LP acquired a new stake in Park Hotels & Resorts in the 4th quarter worth $35,000. Versant Capital Management Inc grew its position in Park Hotels & Resorts by 11,039.1% in the 1st quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock worth $27,000 after purchasing an additional 2,539 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in Park Hotels & Resorts in the 4th quarter worth $53,000. Finally, GAMMA Investing LLC grew its position in Park Hotels & Resorts by 401.2% in the 1st quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock worth $56,000 after purchasing an additional 4,229 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK traded up $0.0050 during midday trading on Wednesday, reaching $11.1550. 833,018 shares of the company's stock were exchanged, compared to its average volume of 4,163,542. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.23. The firm has a market capitalization of $2.23 billion, a PE ratio of 41.34 and a beta of 1.80. The company's 50 day simple moving average is $10.68 and its two-hundred day simple moving average is $10.90. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16.

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

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 9.0%. Park Hotels & Resorts's payout ratio is currently 370.37%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PK. JPMorgan Chase & Co. began coverage on shares of Park Hotels & Resorts in a research report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target on the stock. Evercore ISI lowered shares of Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price target on the stock. in a research report on Friday, May 16th. Morgan Stanley restated an "outperform" rating on shares of Park Hotels & Resorts in a research report on Tuesday, July 15th. Truist Financial downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Finally, Wall Street Zen downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $12.11.

About Park Hotels & Resorts

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.