CM Management LLC Buys 50,000 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Key Points

• CM Management LLC increased its stake in Park Hotels & Resorts by 33.3%, acquiring an additional 50,000 shares, bringing its total holdings to 200,000 shares.
• Institutional investors own 92.69% of Park Hotels & Resorts, with notable increases in holdings from firms like Invesco (up 84.0%) and Deutsche Bank (up 809.3%).
• Park Hotels & Resorts recently announced a quarterly dividend of $0.25, resulting in an annualized yield of 9.6%, despite a high payout ratio of 370.37%.

CM Management LLC lifted its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 33.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,000 shares of the financial services provider's stock after purchasing an additional 50,000 shares during the quarter. Park Hotels & Resorts accounts for 2.1% of CM Management LLC's portfolio, making the stock its 18th largest position. CM Management LLC owned about 0.10% of Park Hotels & Resorts worth $2,136,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PK. Deutsche Bank AG raised its stake in shares of Park Hotels & Resorts by 809.3% in the fourth quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock valued at $33,988,000 after purchasing an additional 2,149,972 shares in the last quarter. Landmark Investment Partners L.P. bought a new stake in Park Hotels & Resorts in the fourth quarter valued at $21,342,000. Invesco Ltd. grew its position in Park Hotels & Resorts by 84.0% in the fourth quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock valued at $39,929,000 after acquiring an additional 1,295,548 shares during the period. Russell Investments Group Ltd. grew its position in Park Hotels & Resorts by 303.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,154,251 shares of the financial services provider's stock valued at $16,242,000 after acquiring an additional 868,061 shares during the period. Finally, Northern Trust Corp grew its position in Park Hotels & Resorts by 38.9% in the fourth quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock valued at $38,585,000 after acquiring an additional 767,818 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Down 1.4%

Shares of NYSE PK traded down $0.14 during mid-day trading on Friday, reaching $10.18. 3,565,510 shares of the company's stock were exchanged, compared to its average volume of 3,733,761. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 37.71 and a beta of 1.80. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 1.35. The business has a fifty day simple moving average of $10.59 and a 200 day simple moving average of $11.03. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $16.23.

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

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.8%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 370.37%.

Analyst Ratings Changes

PK has been the topic of a number of analyst reports. Truist Financial cut Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their price target for the company from $16.00 to $11.00 in a research report on Friday, May 30th. Bank of America cut Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price target on the stock. in a research report on Wednesday, April 30th. Wells Fargo & Company increased their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Evercore ISI cut 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. Finally, JPMorgan Chase & Co. started coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 price target on the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $12.11.

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.