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 raised its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 33.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 about 2.1% of CM Management LLC's portfolio, making the stock its 18th biggest position. CM Management LLC owned approximately 0.10% of Park Hotels & Resorts worth $2,136,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Coldstream Capital Management Inc. grew its holdings in Park Hotels & Resorts by 7.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider's stock valued at $168,000 after purchasing an additional 813 shares during the period. IFM Investors Pty Ltd lifted its position in shares of Park Hotels & Resorts by 2.2% during the 1st quarter. IFM Investors Pty Ltd now owns 48,266 shares of the financial services provider's stock valued at $515,000 after buying an additional 1,043 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of Park Hotels & Resorts by 3.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 32,929 shares of the financial services provider's stock worth $491,000 after acquiring an additional 1,139 shares during the period. Tidal Investments LLC increased its holdings in Park Hotels & Resorts by 6.3% in the 4th quarter. Tidal Investments LLC now owns 20,754 shares of the financial services provider's stock worth $292,000 after acquiring an additional 1,232 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in Park Hotels & Resorts by 10.6% in the 1st quarter. Mackenzie Financial Corp now owns 12,905 shares of the financial services provider's stock valued at $138,000 after acquiring an additional 1,239 shares during the period. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Price Performance

NYSE:PK traded down $0.14 during trading hours on Friday, hitting $10.18. The stock had a trading volume of 3,565,510 shares, compared to its average volume of 3,733,761. The company has a 50 day simple moving average of $10.59 and a two-hundred day simple moving average of $11.05. 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 debt-to-equity ratio of 1.35, a current ratio of 1.16 and a quick ratio of 1.07. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.23.

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. The company had revenue of $672.00 million for the quarter, compared to the consensus estimate of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%. The firm's revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. Research analysts forecast 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.8%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is 370.37%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PK. Evercore ISI lowered shares of Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price for the company. in a research report on Friday, May 16th. Citigroup reiterated a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. Truist Financial cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the company from $16.00 to $11.00 in a report on Friday, May 30th. Wells Fargo & Company raised their price target 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. Finally, JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts has an average rating of "Hold" and a consensus price target 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.