Private Management Group Inc. Buys 706,732 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Key Points

• Private Management Group Inc. increased its stake in Park Hotels & Resorts Inc. by 31.1%, acquiring an additional 706,732 shares during the 1st quarter, bringing its total ownership to approximately $31.79 million.
• Park Hotels & Resorts recently announced a quarterly dividend of $0.25 per share, reflecting an annualized dividend yield of 9.01%.
• Wall Street analysts have downgraded shares of Park Hotels & Resorts recently, with Bank of America and others adjusting their ratings from "neutral" or "buy" to "underperform" or "sell."

Private Management Group Inc. lifted its stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 31.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,976,581 shares of the financial services provider's stock after buying an additional 706,732 shares during the quarter. Park Hotels & Resorts comprises 1.1% of Private Management Group Inc.'s portfolio, making the stock its 25th biggest holding. Private Management Group Inc. owned 1.47% of Park Hotels & Resorts worth $31,790,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth about $873,000. Natixis Advisors LLC grew its position in shares of Park Hotels & Resorts by 14.0% during the fourth quarter. Natixis Advisors LLC now owns 17,447 shares of the financial services provider's stock worth $245,000 after purchasing an additional 2,142 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth about $279,000. Thrivent Financial for Lutherans grew its position in shares of Park Hotels & Resorts by 43.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 94,220 shares of the financial services provider's stock worth $1,326,000 after purchasing an additional 28,379 shares in the last quarter. Finally, Xponance Inc. grew its position in shares of Park Hotels & Resorts by 3.8% during the fourth quarter. Xponance Inc. now owns 24,650 shares of the financial services provider's stock worth $347,000 after purchasing an additional 892 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $11.10 on Friday. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 1.51 and a beta of 1.72. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The business has a 50 day simple moving average of $10.56 and a 200-day simple moving average of $11.28. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.07 and a quick ratio of 1.07.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $630.00 million during the quarter, compared to analyst estimates of $620.17 million. During the same period last year, the company earned $0.52 EPS. The company's revenue for the quarter was down 1.4% on a year-over-year basis. Equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.01%. The ex-dividend date was Monday, June 30th. Park Hotels & Resorts's dividend payout ratio is currently 169.49%.

Wall Street Analyst Weigh In

PK has been the subject of several research analyst reports. Bank of America cut Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 target price for the company. in a research report on Wednesday, April 30th. Wall Street Zen cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Jefferies Financial Group cut Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the company from $19.00 to $10.00 in a report on Wednesday, April 9th. Truist Financial cut Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the company from $16.00 to $11.00 in a report on Friday, May 30th. Finally, Evercore ISI cut Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price target for the company. in a report on Friday, May 16th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently 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.

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