Allspring Global Investments Holdings LLC Reduces Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Allspring Global Investments Holdings LLC lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 32.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 205,131 shares of the financial services provider's stock after selling 99,453 shares during the period. Allspring Global Investments Holdings LLC owned 0.10% of Park Hotels & Resorts worth $2,205,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of Park Hotels & Resorts by 140.9% during the first 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 in the last quarter. Versant Capital Management Inc lifted its position in shares of Park Hotels & Resorts by 11,039.1% during the first quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock worth $27,000 after acquiring an additional 2,539 shares in the last quarter. Quarry LP purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $35,000. GF Fund Management CO. LTD. purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $53,000. Finally, GAMMA Investing LLC increased its holdings in shares of Park Hotels & Resorts by 401.2% in the first quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock worth $56,000 after purchasing an additional 4,229 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Price Performance

PK traded down $0.14 during trading on Friday, reaching $11.20. The stock had a trading volume of 2,917,826 shares, compared to its average volume of 3,646,912. The business has a 50-day moving average of $10.48 and a 200-day moving average of $11.49. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.23. The stock has a market cap of $2.24 billion, a PE ratio of 18.98, a PEG ratio of 1.43 and a beta of 1.72. 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 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 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 last year, the firm earned $0.52 earnings per share. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.93%. Park Hotels & Resorts's dividend payout ratio is currently 169.49%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PK. JPMorgan Chase & Co. began coverage on shares of Park Hotels & Resorts in a report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price target on the stock. Jefferies Financial Group cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price target for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. Wall Street Zen cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Truist Financial cut 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 report on Friday, May 30th. Finally, Citigroup reaffirmed a "buy" rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, Park Hotels & Resorts has a consensus rating of "Hold" and an average target price of $12.11.

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.