National Bank of Canada FI Sells 600,000 Shares of Park Hotels & Resorts Inc. $PK

National Bank of Canada FI lowered its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 56.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 458,300 shares of the financial services provider's stock after selling 600,000 shares during the period. National Bank of Canada FI owned approximately 0.23% of Park Hotels & Resorts worth $4,895,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PK. Coldstream Capital Management Inc. raised its position in Park Hotels & Resorts by 7.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider's stock valued at $168,000 after acquiring an additional 813 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in Park Hotels & Resorts by 2.2% during the first quarter. IFM Investors Pty Ltd now owns 48,266 shares of the financial services provider's stock valued at $515,000 after buying an additional 1,043 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in Park Hotels & Resorts by 3.6% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 32,929 shares of the financial services provider's stock valued at $491,000 after buying an additional 1,139 shares in the last quarter. Tidal Investments LLC raised its holdings in Park Hotels & Resorts by 6.3% during the fourth quarter. Tidal Investments LLC now owns 20,754 shares of the financial services provider's stock valued at $292,000 after buying an additional 1,232 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Park Hotels & Resorts by 10.6% during the first quarter. Mackenzie Financial Corp now owns 12,905 shares of the financial services provider's stock valued at $138,000 after buying an additional 1,239 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PK. Truist Financial lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their target price for the company from $16.00 to $11.00 in a report on Friday, May 30th. Bank of America lowered Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 target price on the stock. in a report on Wednesday, April 30th. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Wells Fargo & Company raised their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective on the stock. in a research note on Friday, May 16th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $12.11.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock traded up $0.12 during midday trading on Monday, hitting $11.03. The company had a trading volume of 745,011 shares, compared to its average volume of 4,183,461. The business's 50 day simple moving average is $10.66 and its two-hundred day simple moving average is $10.91. The stock has a market cap of $2.20 billion, a PE ratio of 40.80 and a beta of 1.80. 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 Inc. has a 1-year low of $8.27 and a 1-year high of $16.23.

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

Park Hotels & Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.1%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 370.37%.

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.