Koss Olinger Consulting LLC Raises Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Key Points

• Koss Olinger Consulting LLC has significantly increased its holdings in Park Hotels & Resorts, acquiring an additional 54,199 shares in the first quarter, bringing its total to 74,080 shares valued at $791,000.
• Park Hotels & Resorts plans to pay a quarterly dividend of $0.25 per share on October 15th, resulting in an annualized dividend yield of 9.8%.
• Recent quarters have shown mixed financial performance, with Park Hotels reporting earnings of $0.64 per share for the latest quarter, surpassing analyst expectations, but experiencing a 2.0% revenue decline year-over-year.

Koss Olinger Consulting LLC raised its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 272.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,080 shares of the financial services provider's stock after acquiring an additional 54,199 shares during the quarter. Koss Olinger Consulting LLC's holdings in Park Hotels & Resorts were worth $791,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PK. Charles Schwab Investment Management Inc. increased its position in Park Hotels & Resorts by 9.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,195,453 shares of the financial services provider's stock worth $34,127,000 after acquiring an additional 286,470 shares during the period. Private Management Group Inc. increased its position in Park Hotels & Resorts by 31.1% during the first quarter. Private Management Group Inc. now owns 2,976,581 shares of the financial services provider's stock worth $31,790,000 after acquiring an additional 706,732 shares during the period. Invesco Ltd. increased its position in Park Hotels & Resorts by 84.0% during the fourth quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock worth $39,929,000 after acquiring an additional 1,295,548 shares during the period. Northern Trust Corp increased its position 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 acquiring an additional 767,818 shares during the period. Finally, Deutsche Bank AG increased its position in Park Hotels & Resorts by 809.3% during the fourth quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock worth $33,988,000 after acquiring an additional 2,149,972 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PK. Morgan Stanley restated an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Wells Fargo & Company raised their price target on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. JPMorgan Chase & Co. began coverage on shares of Park Hotels & Resorts in a research note on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $12.11.

Park Hotels & Resorts Stock Performance

NYSE PK traded up $0.24 during trading hours on Wednesday, reaching $10.90. 354,420 shares of the company were exchanged, compared to its average volume of 4,182,976. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The business's 50 day simple moving average is $10.60 and its 200-day simple moving average is $10.98. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $2.18 billion, a P/E ratio of 40.46 and a beta of 1.80.

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, 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 company had revenue of $672.00 million for the quarter, compared to analyst estimates of $672.37 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The company's quarterly revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders 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 dividend yield of 9.2%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's payout ratio 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.