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

Millennium Management LLC lessened its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 96.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Quarry LP bought a new stake in Park Hotels & Resorts during the fourth quarter valued at $35,000. Quadrant Capital Group LLC raised 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 in the last quarter. Jones Financial Companies Lllp boosted 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 during the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Park Hotels & Resorts during the fourth quarter worth about $112,000. Finally, Plato Investment Management Ltd bought a new position in shares of Park Hotels & Resorts in the fourth quarter worth approximately $141,000. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Up 2.4%

Shares of NYSE:PK traded up $0.25 during midday trading on Tuesday, reaching $10.63. The company's stock had a trading volume of 3,283,317 shares, compared to its average volume of 3,529,470. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23. The firm has a 50 day moving average of $10.08 and a 200-day moving average of $12.25. The firm has a market capitalization of $2.12 billion, a P/E ratio of 10.52, 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 data on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) 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 business had revenue of $630.00 million during the quarter, compared to analysts' expectations of $620.17 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. On average, research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.25 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.00 annualized dividend and a yield of 9.41%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 169.49%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PK shares. Wells Fargo & Company lowered their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Evercore ISI downgraded Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price for the company. in a research report on Friday, May 16th. Wall Street Zen cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Thursday, April 10th. Truist Financial downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price target for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Finally, Morgan Stanley cut their price objective on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average 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.