Pacer Advisors Inc. Decreases Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

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. lessened its stake in shares of 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 & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the company. Spire Wealth Management boosted its holdings in shares of Park Hotels & Resorts by 47.1% in the 1st quarter. Spire Wealth Management now owns 7,625 shares of the financial services provider's stock worth $81,000 after purchasing an additional 2,440 shares during the period. Sterling Capital Management LLC boosted its holdings in shares of Park Hotels & Resorts by 15.8% in the 4th quarter. Sterling Capital Management LLC now owns 33,274 shares of the financial services provider's stock worth $468,000 after purchasing an additional 4,533 shares during the period. American Century Companies Inc. boosted its holdings in shares of Park Hotels & Resorts by 12.3% in the 4th quarter. American Century Companies Inc. now owns 16,532 shares of the financial services provider's stock worth $233,000 after purchasing an additional 1,816 shares during the period. Federated Hermes Inc. lifted its stake in shares of Park Hotels & Resorts by 1,087.0% during the 4th quarter. Federated Hermes Inc. now owns 149,192 shares of the financial services provider's stock worth $2,099,000 after acquiring an additional 136,623 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Park Hotels & Resorts by 303.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,154,251 shares of the financial services provider's stock worth $16,242,000 after acquiring an additional 868,061 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PK. Morgan Stanley reissued an "outperform" rating on shares of Park Hotels & Resorts in a research report on Tuesday, July 15th. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Bank of America lowered Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price target for the company. in a research report on Wednesday, April 30th. Evercore ISI cut shares of Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price target for the company. in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. began coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and an average target price of $12.11.

Park Hotels & Resorts Trading Up 0.7%

NYSE:PK traded up $0.07 on Tuesday, reaching $10.47. The company's stock had a trading volume of 4,914,238 shares, compared to its average volume of 4,205,579. 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 1.07, a current ratio of 1.16 and a debt-to-equity ratio of 1.35. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 38.78 and a beta of 1.80. The stock has a 50 day moving average price of $10.60 and a 200 day moving average price of $11.13.

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, beating analysts' consensus estimates of $0.57 by $0.07. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%. 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 firm posted $0.65 earnings per share. The company's revenue was down 2.0% on a year-over-year basis. On average, equities analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's payout ratio is 370.37%.

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.