Vanguard Group Inc. Has $295.93 Million Stock Position in Park Hotels & Resorts Inc. $PK

Key Points

• Vanguard Group Inc. reduced its holdings in Park Hotels & Resorts by 9.0%, after selling over 2.7 million shares, now owning approximately 13.73% of the company.
• Analysts have expressed mixed ratings on Park Hotels & Resorts, with Bank of America and Wall Street Zen downgrading it, while Morgan Stanley maintained an "outperform" rating.
• The company announced a quarterly dividend of $0.25, representing an annual yield of 9.2% and plans to pay shareholders on October 15th, 2023.

Vanguard Group Inc. trimmed its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 9.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 27,709,130 shares of the financial services provider's stock after selling 2,738,319 shares during the period. Vanguard Group Inc. owned about 13.73% of Park Hotels & Resorts worth $295,934,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PK. Raymond James Financial Inc. purchased a new position in shares of Park Hotels & Resorts in the 4th quarter valued at about $873,000. Barclays PLC raised its position in Park Hotels & Resorts by 11.0% during the fourth quarter. Barclays PLC now owns 354,693 shares of the financial services provider's stock worth $4,992,000 after acquiring an additional 35,100 shares during the last quarter. Farringdon Capital Ltd. acquired a new position in Park Hotels & Resorts during the fourth quarter worth about $173,000. CANADA LIFE ASSURANCE Co raised its position in Park Hotels & Resorts by 2.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 428,266 shares of the financial services provider's stock worth $6,021,000 after acquiring an additional 9,973 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its position in Park Hotels & Resorts by 8.8% during the fourth quarter. Epoch Investment Partners Inc. now owns 476,935 shares of the financial services provider's stock worth $6,710,000 after acquiring an additional 38,456 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PK. Wells Fargo & Company boosted their target price on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Truist Financial downgraded shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the company from $16.00 to $11.00 in a report on Friday, May 30th. Citigroup reiterated a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. JPMorgan Chase & Co. assumed coverage on shares of 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, Wall Street Zen lowered shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.11.

Park Hotels & Resorts Trading Up 0.4%

NYSE:PK traded up $0.0450 on Thursday, hitting $11.1750. 1,479,208 shares of the stock were exchanged, compared to its average volume of 4,156,735. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 41.39 and a beta of 1.80. Park Hotels & Resorts Inc. has a 52 week low of $8.27 and a 52 week high of $16.23. The company's 50-day moving average price is $10.70 and its 200 day moving average price is $10.90. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.16 and a current ratio of 1.16.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping 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 company had revenue of $672.00 million during the quarter, compared to analyst estimates of $672.37 million. During the same period in the previous year, the company earned $0.65 EPS. The company's revenue for the quarter was down 2.0% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 annualized dividend and a yield of 8.9%. 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.