Park Hotels & Resorts Inc. $PK Shares Bought by Parallel Advisors LLC

Key Points

• Parallel Advisors LLC significantly increased its holdings in Park Hotels & Resorts, raising them by 374.8% to a total value of $305,000.
• Park Hotels & Resorts reported $0.64 earnings per share for the latest quarter, exceeding expectations, but experienced a 2.0% decrease in revenue year-over-year.
• The company announced a quarterly dividend of $0.25 per share, resulting in a substantial annualized dividend yield of 8.3%.

Parallel Advisors LLC lifted its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 374.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,843 shares of the financial services provider's stock after buying an additional 23,558 shares during the period. Parallel Advisors LLC's holdings in Park Hotels & Resorts were worth $305,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sculptor Capital LP acquired a new position in Park Hotels & Resorts during the first quarter worth approximately $27,467,000. Donald Smith & CO. Inc. increased its holdings in shares of Park Hotels & Resorts by 25.8% in the 1st quarter. Donald Smith & CO. Inc. now owns 11,577,320 shares of the financial services provider's stock valued at $123,646,000 after acquiring an additional 2,377,195 shares during the period. AQR Capital Management LLC increased its holdings in shares of Park Hotels & Resorts by 89.8% in the 1st quarter. AQR Capital Management LLC now owns 4,383,530 shares of the financial services provider's stock valued at $46,378,000 after acquiring an additional 2,073,721 shares during the period. Nuveen LLC acquired a new position in shares of Park Hotels & Resorts in the 1st quarter valued at $7,871,000. Finally, Private Management Group Inc. increased its holdings 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 valued at $31,790,000 after acquiring an additional 706,732 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Park Hotels & Resorts Price Performance

PK stock traded down $0.33 during midday trading on Monday, hitting $11.65. 2,614,582 shares of the stock were exchanged, compared to its average volume of 4,081,376. The stock's 50-day moving average price is $11.28 and its 200-day moving average price is $10.75. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 43.13 and a beta of 1.80. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.23. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping 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 company 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 business's revenue for the quarter was down 2.0% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. Research analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's payout ratio is currently 370.37%.

Wall Street Analysts Forecast Growth

PK has been the topic of several recent research reports. Citigroup cut Park Hotels & Resorts from a "buy" rating to a "neutral" rating and dropped their price target for the company from $13.00 to $12.00 in a research report on Tuesday, September 9th. Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Wall Street Zen downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a research report on Monday, June 23rd. They set an "underweight" rating and a $10.00 target price on the stock. Finally, Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their target price for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Park Hotels & Resorts currently has a consensus rating of "Hold" and an average price target of $12.20.

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.