Northern Trust Corp Decreases Position in Park Hotels & Resorts Inc. $PK

Key Points

• Northern Trust Corp has reduced its stake in Park Hotels & Resorts Inc. by 2.5%, selling 68,759 shares during the 1st quarter and retaining about 1.34% of the company, valued at $28.55 million.
• Park Hotels & Resorts reported earnings of $0.64 per share for the latest quarter, surpassing estimates by $0.07, but revenue declined by 2% compared to the same period last year.
• The company announced a quarterly dividend of $0.25 per share, yielding 8.5%, with an unusually high dividend payout ratio of 370.37%.

Northern Trust Corp trimmed its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,673,589 shares of the financial services provider's stock after selling 68,759 shares during the quarter. Northern Trust Corp owned 1.34% of Park Hotels & Resorts worth $28,554,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PK. Donald Smith & CO. Inc. grew its stake in Park Hotels & Resorts by 25.8% in the first quarter. Donald Smith & CO. Inc. now owns 11,577,320 shares of the financial services provider's stock valued at $123,646,000 after purchasing an additional 2,377,195 shares during the last quarter. Deutsche Bank AG raised its stake in Park Hotels & Resorts by 809.3% in the 4th quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock valued at $33,988,000 after purchasing an additional 2,149,972 shares during the last quarter. Nuveen LLC acquired a new position in Park Hotels & Resorts in the 1st quarter valued at $7,871,000. Private Management Group Inc. increased its stake in shares of Park Hotels & Resorts by 31.1% in the 1st 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 last quarter. Finally, Balyasny Asset Management L.P. lifted its position in Park Hotels & Resorts by 59.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,818,769 shares of the financial services provider's stock valued at $25,590,000 after buying an additional 678,102 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Trading Up 0.8%

Shares of NYSE:PK traded up $0.10 during trading on Thursday, reaching $12.00. 1,151,409 shares of the company were exchanged, compared to its average volume of 4,120,004. The firm has a market capitalization of $2.40 billion, a PE ratio of 44.35 and a beta of 1.80. The business's fifty day simple moving average is $10.99 and its 200-day simple moving average is $10.81. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.16 and a quick ratio of 1.16. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The company had revenue of $672.00 million during the quarter, compared to the consensus estimate of $672.37 million. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. Park Hotels & Resorts's revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.65 earnings per share. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 8.3%. Park Hotels & Resorts's payout ratio is currently 370.37%.

Analyst Upgrades and Downgrades

PK has been the subject of a number of research analyst reports. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Wells Fargo & Company upped their price objective on Park Hotels & Resorts from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price on the stock. in a report on Friday, May 16th. Finally, Truist Financial lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price objective for the company from $16.00 to $11.00 in a research note on Friday, May 30th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Park Hotels & Resorts presently has an average rating of "Hold" and an average target price of $12.22.

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.