Merit Financial Group LLC Boosts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Merit Financial Group LLC grew its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 315.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 42,922 shares of the financial services provider's stock after acquiring an additional 32,580 shares during the period. Merit Financial Group LLC's holdings in Park Hotels & Resorts were worth $458,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. abrdn plc raised its position in shares of Park Hotels & Resorts by 66.4% during the 4th quarter. abrdn plc now owns 70,420 shares of the financial services provider's stock worth $995,000 after purchasing an additional 28,105 shares during the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Park Hotels & Resorts by 24.3% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 42,035 shares of the financial services provider's stock worth $591,000 after purchasing an additional 8,216 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth about $286,000. Entropy Technologies LP acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth about $612,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Park Hotels & Resorts by 264.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 304,584 shares of the financial services provider's stock worth $4,197,000 after purchasing an additional 221,111 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Trading Down 5.2%

Shares of Park Hotels & Resorts stock traded down $0.55 during mid-day trading on Friday, hitting $9.91. The stock had a trading volume of 4,528,456 shares, compared to its average volume of 3,535,727. The firm has a 50-day moving average of $10.17 and a two-hundred day moving average of $12.15. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The firm has a market cap of $1.98 billion, a P/E ratio of 9.81, a price-to-earnings-growth ratio of 1.51 and a beta of 1.74.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $630.00 million during the quarter, compared to analysts' expectations of $620.17 million. During the same quarter in the prior year, the company posted $0.52 EPS. The business's revenue for the quarter was down 1.4% on a year-over-year basis. Sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 10.10%. Park Hotels & Resorts's dividend payout ratio (DPR) is 169.49%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PK shares. Morgan Stanley reduced their price target 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. Wells Fargo & Company dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 18th. Truist Financial cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their price objective for the company from $16.00 to $11.00 in a research note on Friday, May 30th. Evercore ISI cut 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 note on Friday, May 16th. Finally, Jefferies Financial Group cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their price objective for the company from $19.00 to $10.00 in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Park Hotels & Resorts has a consensus rating of "Hold" and a consensus price target of $12.75.

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.