Deutsche Bank AG Sells 2,146,483 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Deutsche Bank AG reduced its stake in Park Hotels & Resorts by 88.9% in the first quarter, owning only 0.13% of the company after selling over 2 million shares.
• Park Hotels & Resorts announced a quarterly dividend of $0.25 per share, providing a 9.0% yield to shareholders.
• The company reported earnings per share of $0.64 for Q2, surpassing analysts' estimates by $0.07, despite a 2.0% decline in revenue year-over-year.

Deutsche Bank AG lowered its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 88.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 269,138 shares of the financial services provider's stock after selling 2,146,483 shares during the quarter. Deutsche Bank AG owned about 0.13% of Park Hotels & Resorts worth $2,874,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PK. Raymond James Financial Inc. purchased a new stake in Park Hotels & Resorts in the 4th quarter worth about $873,000. Barclays PLC boosted its stake in Park Hotels & Resorts by 11.0% in the 4th quarter. Barclays PLC now owns 354,693 shares of the financial services provider's stock worth $4,992,000 after purchasing an additional 35,100 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in Park Hotels & Resorts by 2.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 428,266 shares of the financial services provider's stock worth $6,021,000 after purchasing an additional 9,973 shares during the period. First Trust Advisors LP boosted its stake in Park Hotels & Resorts by 76.0% in the 4th quarter. First Trust Advisors LP now owns 346,332 shares of the financial services provider's stock worth $4,873,000 after purchasing an additional 149,542 shares during the period. Finally, Natixis boosted its stake in Park Hotels & Resorts by 105,012.5% in the 4th quarter. Natixis now owns 33,636 shares of the financial services provider's stock worth $473,000 after purchasing an additional 33,604 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on PK shares. Bank of America downgraded Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 target price for the company. in a research note on Wednesday, April 30th. Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their target price for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Wells Fargo & Company raised their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. started coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They issued an "underweight" rating and a $10.00 target price for the company. Finally, Morgan Stanley restated an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $12.11.

Park Hotels & Resorts Price Performance

Shares of PK traded down $0.16 during trading hours on Monday, reaching $11.68. 2,566,533 shares of the company's stock traded hands, compared to its average volume of 3,916,793. The stock has a market cap of $2.33 billion, a PE ratio of 43.26 and a beta of 1.80. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35. The firm's 50 day simple moving average is $10.78 and its 200-day simple moving average is $10.84. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.23.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.07. The firm had revenue of $672.00 million during 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 company's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.65 EPS. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. Equities analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current 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 8.6%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is 370.37%.

Park Hotels & Resorts Company 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.