Park Hotels & Resorts Inc. (NYSE:PK) Shares Purchased by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its stake in Park Hotels & Resorts by 168.4%, owning 336,278 shares worth $3.59 million by the end of the recent quarter.
• Several analysts have adjusted their price targets for Park Hotels & Resorts, with Truist Financial lowering their target from $16 to $11, while the current consensus rating is "Hold."
• Park Hotels & Resorts recently announced a quarterly dividend of $0.25, representing an annualized dividend yield of 8.96%, although the payout ratio stands at 169.49%.

Victory Capital Management Inc. grew its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 168.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 336,278 shares of the financial services provider's stock after acquiring an additional 210,997 shares during the quarter. Victory Capital Management Inc. owned about 0.17% of Park Hotels & Resorts worth $3,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PK. UMB Bank n.a. lifted its position in Park Hotels & Resorts by 140.9% during the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock worth $25,000 after acquiring an additional 1,395 shares during the period. Versant Capital Management Inc increased its stake in shares of Park Hotels & Resorts by 11,039.1% in the 1st quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 2,539 shares in the last quarter. Quarry LP purchased a new position in shares of Park Hotels & Resorts in the 4th quarter valued at about $35,000. GF Fund Management CO. LTD. purchased a new stake in Park Hotels & Resorts during the 4th quarter worth approximately $53,000. Finally, GAMMA Investing LLC increased its stake in Park Hotels & Resorts by 401.2% during the 1st quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock worth $56,000 after buying an additional 4,229 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PK. Jefferies Financial Group lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price objective for the stock from $19.00 to $10.00 in a research note on Wednesday, April 9th. Wells Fargo & Company boosted their price objective on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective for the company. in a research note on Friday, May 16th. JPMorgan Chase & Co. began coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 price objective for the company. 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. Three investment 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, the stock has an average rating of "Hold" and a consensus price target of $12.11.

Park Hotels & Resorts Price Performance

Shares of PK stock traded down $0.04 during trading hours on Thursday, reaching $10.78. The company had a trading volume of 999,909 shares, compared to its average volume of 4,159,885. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 18.25 and a beta of 1.72. The stock has a fifty day moving average of $10.59 and a 200-day moving average of $11.21. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.07 and a current ratio of 1.07.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 2.65% and a net margin of 4.90%. 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 firm posted $0.52 earnings per share. The firm's quarterly revenue was down 1.4% on a year-over-year basis. On average, equities analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 9.28%. The ex-dividend date of this dividend was Monday, June 30th. Park Hotels & Resorts's dividend payout ratio is presently 169.49%.

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.