Pallas Capital Advisors LLC Buys 33,983 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Pallas Capital Advisors LLC increased its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 170.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 53,881 shares of the financial services provider's stock after purchasing an additional 33,983 shares during the quarter. Pallas Capital Advisors LLC's holdings in Park Hotels & Resorts were worth $575,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Donald Smith & CO. Inc. lifted its holdings in 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 last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Park Hotels & Resorts by 18.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider's stock worth $94,160,000 after buying an additional 1,056,188 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Park Hotels & Resorts by 3.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider's stock worth $50,426,000 after buying an additional 125,730 shares during the last quarter. Norges Bank acquired a new position in shares of Park Hotels & Resorts during the fourth quarter worth approximately $41,087,000. Finally, Invesco Ltd. lifted its holdings in shares of Park Hotels & Resorts by 84.0% during the fourth quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock worth $39,929,000 after buying an additional 1,295,548 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Price Performance

NYSE:PK traded down $0.55 during trading hours on Friday, reaching $9.91. The company had a trading volume of 4,528,456 shares, compared to its average volume of 3,535,727. The stock has a 50-day moving average of $10.17 and a two-hundred day moving average of $12.13. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.23. The firm has a market capitalization of $1.98 billion, a PE ratio of 9.81, a PEG ratio of 1.51 and a beta of 1.74. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings results 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 5.63% and a net margin of 8.16%. The firm had revenue of $630.00 million for the quarter, compared to analysts' expectations of $620.17 million. During the same period in the prior year, the business posted $0.52 earnings per share. The business's revenue was down 1.4% compared to the same quarter last year. Analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on PK shares. Jefferies Financial Group lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. Truist Financial lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, April 10th. Finally, Bank of America lowered Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 target price for the company. in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock 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.