Millennium Management LLC Sells 1,640,975 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Millennium Management LLC cut its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 96.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,183 shares of the financial services provider's stock after selling 1,640,975 shares during the quarter. Millennium Management LLC's holdings in Park Hotels & Resorts were worth $776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Quarry LP bought a new stake in Park Hotels & Resorts in the fourth quarter valued at about $35,000. Quadrant Capital Group LLC increased its holdings in shares of Park Hotels & Resorts by 38.4% in the 4th quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider's stock valued at $68,000 after acquiring an additional 1,335 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Park Hotels & Resorts by 42.2% during the 4th quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider's stock valued at $112,000 after acquiring an additional 2,373 shares in the last quarter. CIBC Private Wealth Group LLC bought a new position in Park Hotels & Resorts during the fourth quarter worth $112,000. Finally, KBC Group NV lifted its stake in Park Hotels & Resorts by 36.2% during the fourth quarter. KBC Group NV now owns 10,023 shares of the financial services provider's stock worth $141,000 after purchasing an additional 2,663 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on PK shares. Wells Fargo & Company cut their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their price target for the stock from $19.00 to $10.00 in a research report on Wednesday, April 9th. Morgan Stanley reduced their price objective on Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Truist Financial downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the company from $16.00 to $11.00 in a report on Friday, May 30th. Finally, Bank of America lowered Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective for the company. in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts presently has an average rating of "Hold" and a consensus target price of $12.75.

Park Hotels & Resorts Trading Up 2.5%

PK stock traded up $0.25 during midday trading on Friday, hitting $10.27. 3,067,789 shares of the company's stock were exchanged, compared to its average volume of 3,529,648. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.23. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. The company has a market cap of $2.05 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 1.51 and a beta of 1.74. The stock's fifty day moving average price is $10.09 and its 200-day moving average price is $12.31.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.05. The business had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. Park Hotels & Resorts's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. Research analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.00 annualized dividend and a yield of 9.74%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 169.49%.

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.