Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Park Hotels & Resorts Inc. by 73.4%, selling 29,378 shares, leaving them with 10,634 shares valued at approximately $114,000.
• Park Hotels & Resorts reported $0.64 earnings per share for the last quarter, exceeding expectations but showing a 2.0% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.25 per share, which equates to an annualized yield of 9.7% with a payout ratio of 169.49%.

Pacer Advisors Inc. cut its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 73.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,634 shares of the financial services provider's stock after selling 29,378 shares during the period. Pacer Advisors Inc.'s holdings in Park Hotels & Resorts were worth $114,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PK. UMB Bank n.a. raised its holdings in shares of Park Hotels & Resorts by 140.9% during the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock worth $25,000 after buying an additional 1,395 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Park Hotels & Resorts by 11,039.1% during the 1st quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock worth $27,000 after buying an additional 2,539 shares in the last quarter. Quarry LP acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth $35,000. GF Fund Management CO. LTD. acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth $53,000. Finally, GAMMA Investing LLC raised its holdings in shares of Park Hotels & Resorts by 401.2% during the 1st quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock worth $56,000 after buying an additional 4,229 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK traded down $0.12 during mid-day trading on Wednesday, reaching $10.35. The stock had a trading volume of 3,182,506 shares, compared to its average volume of 4,196,596. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 1.35. The company has a market cap of $2.07 billion, a P/E ratio of 38.24 and a beta of 1.80. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The business's 50 day moving average price is $10.60 and its 200 day moving average price is $11.10.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.07. The firm had revenue of $672.00 million for the quarter, compared to analysts' expectations of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%. The company's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is currently 370.37%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Bank of America cut Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 target price for the company. in a report on Wednesday, April 30th. Jefferies Financial Group lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their target price for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. JPMorgan Chase & Co. began coverage on Park Hotels & Resorts in a report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target on the stock. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Citigroup reissued a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of "Hold" and a consensus price target 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.