Wolverine Asset Management LLC Boosts Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Key Points

• Wolverine Asset Management LLC significantly increased its stake in Park Hotels & Resorts by 100.7% in the 1st quarter, owning approximately 117,892 shares valued at $1,259,000.
• The company recently announced a quarterly dividend of $0.25 per share, yielding 9.8% annually, despite a high dividend payout ratio of 370.37%.
• Park Hotels & Resorts reported $0.64 earnings per share, beating analyst expectations, but its revenue was down 2.0% year-over-year at $672 million.

Wolverine Asset Management LLC increased its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 100.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 117,892 shares of the financial services provider's stock after purchasing an additional 59,143 shares during the quarter. Wolverine Asset Management LLC owned 0.06% of Park Hotels & Resorts worth $1,259,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Park Hotels & Resorts by 9.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,195,453 shares of the financial services provider's stock worth $34,127,000 after buying an additional 286,470 shares during the period. Private Management Group Inc. increased its position in Park Hotels & Resorts by 31.1% during 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 buying an additional 706,732 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Park Hotels & Resorts by 84.0% in the fourth quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock valued at $39,929,000 after purchasing an additional 1,295,548 shares during the period. Northern Trust Corp increased its holdings in shares of Park Hotels & Resorts by 38.9% in the fourth quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock valued at $38,585,000 after purchasing an additional 767,818 shares during the period. Finally, Deutsche Bank AG increased its holdings in shares of Park Hotels & Resorts by 809.3% in the fourth quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock valued at $33,988,000 after purchasing an additional 2,149,972 shares during the period. Institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Bank of America lowered Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective on the stock. in a report on Wednesday, April 30th. Morgan Stanley reaffirmed an "outperform" rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. Truist Financial lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and dropped their target price for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price on the stock. in a report on Friday, May 16th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of "Hold" and an average target price of $12.11.

Park Hotels & Resorts Price Performance

PK stock traded down $0.09 during mid-day trading on Thursday, reaching $11.10. 3,766,331 shares of the company's stock were exchanged, compared to its average volume of 4,037,355. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 41.09 and a beta of 1.80. The stock's 50 day moving average is $10.65 and its 200 day moving average is $10.97. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.16 and a quick ratio of 1.16.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The business had revenue of $672.00 million for the quarter, compared to the consensus estimate of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%. The business's quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. On average, research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 9.0%. The ex-dividend date is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) 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.