LPL Financial LLC Has $5.43 Million Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Key Points

• LPL Financial LLC increased its stake in Park Hotels & Resorts by 34.5%, acquiring an additional 130,399 shares, bringing its total to 508,004 shares valued at approximately $5.4 million.
• The company reported $0.64 earnings per share for the recent quarter, outperforming analysts' expectations, despite a 2.0% year-over-year decline in revenue.
• Park Hotels & Resorts announced a quarterly dividend of $0.25 per share with a significant yield of 9.4%, despite a high dividend payout ratio of 370.37%.

LPL Financial LLC increased its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 34.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 508,004 shares of the financial services provider's stock after purchasing an additional 130,399 shares during the quarter. LPL Financial LLC owned 0.25% of Park Hotels & Resorts worth $5,425,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. UMB Bank n.a. grew its position in Park Hotels & Resorts by 140.9% during the first quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 1,395 shares in the last quarter. Quarry LP purchased a new position in Park Hotels & Resorts during the fourth quarter valued at approximately $35,000. Versant Capital Management Inc grew its position in Park Hotels & Resorts by 11,039.1% during the first quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 2,539 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Park Hotels & Resorts during the fourth quarter valued at approximately $53,000. Finally, GAMMA Investing LLC grew its position in Park Hotels & Resorts by 401.2% during the first quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 4,229 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PK. Wells Fargo & Company boosted their price objective on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Citigroup reaffirmed a "buy" rating on shares of Park Hotels & Resorts in a research report on Thursday, May 22nd. Truist Financial downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their target price for the stock from $16.00 to $11.00 in a research report on Friday, May 30th. JPMorgan Chase & Co. initiated coverage on shares of Park Hotels & Resorts in a research report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 target price for the company. Finally, Wall Street Zen downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $12.11.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock traded down $0.18 on Friday, reaching $10.91. The stock had a trading volume of 3,117,365 shares, compared to its average volume of 4,206,249. The business's 50-day moving average price is $10.65 and its two-hundred day moving average price is $10.97. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.23. The stock has a market cap of $2.18 billion, a P/E ratio of 40.41 and a beta of 1.80.

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 for the quarter, topping analysts' consensus estimates 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 business had revenue of $672.00 million during the quarter, compared to analysts' expectations of $672.37 million. During the same period in the previous year, the company earned $0.65 earnings per share. Park Hotels & Resorts's revenue for the quarter was down 2.0% on a year-over-year basis. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.2%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio is presently 370.37%.

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.