Park Hotels & Resorts Inc. (NYSE:PK) Position Increased by M&T Bank Corp

M&T Bank Corp increased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 54.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 75,070 shares of the financial services provider's stock after buying an additional 26,586 shares during the quarter. M&T Bank Corp's holdings in Park Hotels & Resorts were worth $801,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Donald Smith & CO. Inc. raised its holdings in shares of Park Hotels & Resorts by 13.9% in the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider's stock worth $129,446,000 after purchasing an additional 1,122,839 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Park Hotels & Resorts by 18.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider's stock worth $94,160,000 after purchasing an additional 1,056,188 shares during the period. Norges Bank purchased a new position in shares of Park Hotels & Resorts in the 4th quarter worth about $41,087,000. Invesco Ltd. raised its holdings in shares of Park Hotels & Resorts by 84.0% in the 4th quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock worth $39,929,000 after purchasing an additional 1,295,548 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Park Hotels & Resorts by 38.9% in the 4th quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock worth $38,585,000 after purchasing an additional 767,818 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Stock Down 0.6%

NYSE PK traded down $0.07 during mid-day trading on Friday, reaching $10.74. 765,914 shares of the company's stock traded hands, compared to its average volume of 3,632,494. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.23. The company has a fifty day simple moving average of $10.54 and a 200-day simple moving average of $11.41. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 1.33. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 18.19, a P/E/G ratio of 1.44 and a beta of 1.72.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 2.65% and a net margin of 4.90%. The firm had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. During the same quarter last year, the firm earned $0.52 EPS. Park Hotels & Resorts's quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 9.32%. The ex-dividend date of this dividend was Monday, June 30th. Park Hotels & Resorts's dividend payout ratio is presently 169.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Citigroup reiterated a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. JPMorgan Chase & Co. assumed 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. Truist Financial lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the company from $16.00 to $11.00 in a research note on Friday, May 30th. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, April 10th. Finally, Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price for the company. in a research note on Friday, May 16th. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.11.

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.