Lazard Asset Management LLC Decreases Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Lazard Asset Management LLC lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 56.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,658 shares of the financial services provider's stock after selling 26,419 shares during the quarter. Lazard Asset Management LLC's holdings in Park Hotels & Resorts were worth $289,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Assetmark Inc. boosted its position in Park Hotels & Resorts by 3.4% during the fourth quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider's stock worth $329,000 after purchasing an additional 764 shares during the period. Coldstream Capital Management Inc. boosted its position 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 worth $168,000 after purchasing an additional 813 shares during the period. Xponance Inc. boosted its position in Park Hotels & Resorts by 3.8% during the fourth quarter. Xponance Inc. now owns 24,650 shares of the financial services provider's stock worth $347,000 after purchasing an additional 892 shares during the period. Cascade Investment Advisors Inc. boosted its position in shares of Park Hotels & Resorts by 1.3% in the fourth quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider's stock valued at $1,034,000 after acquiring an additional 915 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in shares of Park Hotels & Resorts by 0.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 338,032 shares of the financial services provider's stock valued at $5,043,000 after acquiring an additional 1,011 shares during the period. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

PK has been the subject of a number of analyst reports. Truist Financial cut their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, March 21st. UBS Group cut their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Monday, February 3rd. Evercore ISI lowered shares of Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective for the company. in a research report on Friday, May 16th. Morgan Stanley cut their price objective on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their price target for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $13.78.

Park Hotels & Resorts Price Performance

Park Hotels & Resorts stock traded down $0.09 during mid-day trading on Wednesday, hitting $10.48. 674,710 shares of the company traded hands, compared to its average volume of 3,458,368. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 1.51 and a beta of 1.75. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.28. The stock has a fifty day moving average price of $10.23 and a 200-day moving average price of $12.54.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. The firm had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business's quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. On average, equities analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.55%. Park Hotels & Resorts's payout ratio is 169.49%.

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.