QRG Capital Management Inc. Acquires Shares of 207,454 Park Hotels & Resorts Inc. $PK

Key Points

• QRG Capital Management Inc. acquired 207,454 shares of Park Hotels & Resorts Inc., valued at approximately $2.1 million, increasing its ownership to 0.1% of the company.
• Park Hotels & Resorts reported earnings of $0.64 per share, exceeding analyst estimates of $0.57, although revenue was slightly down 2% year-over-year.
• The company announced a quarterly dividend of $0.25, which gives an annualized yield of 9.2%, despite a high payout ratio of 370.37%.

QRG Capital Management Inc. acquired a new stake in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 207,454 shares of the financial services provider's stock, valued at approximately $2,122,000. QRG Capital Management Inc. owned approximately 0.10% of Park Hotels & Resorts at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Greenleaf Trust purchased a new position in Park Hotels & Resorts in the second quarter worth $124,000. Janney Montgomery Scott LLC lifted its position in shares of Park Hotels & Resorts by 112.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 25,561 shares of the financial services provider's stock valued at $261,000 after acquiring an additional 13,507 shares during the period. Signaturefd LLC lifted its position in shares of Park Hotels & Resorts by 29.9% during the 2nd quarter. Signaturefd LLC now owns 9,964 shares of the financial services provider's stock valued at $102,000 after acquiring an additional 2,296 shares during the period. Caitlin John LLC acquired a new stake in shares of Park Hotels & Resorts during the 2nd quarter valued at approximately $136,000. Finally, GAMMA Investing LLC lifted its position in shares of Park Hotels & Resorts by 71.7% during the 2nd quarter. GAMMA Investing LLC now owns 9,072 shares of the financial services provider's stock valued at $93,000 after acquiring an additional 3,789 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Down 0.8%

Shares of NYSE PK opened at $10.82 on Wednesday. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The firm's 50 day moving average price is $11.34 and its 200 day moving average price is $10.73. The firm has a market cap of $2.16 billion, a P/E ratio of 40.06 and a beta of 1.83. 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 issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.07. The company had revenue of $672.00 million for the quarter, compared to analyst estimates of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The business's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 EPS. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 9.2%. Park Hotels & Resorts's dividend payout ratio (DPR) is currently 370.37%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Citigroup downgraded Park Hotels & Resorts from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $13.00 to $12.00 in a research note on Tuesday, September 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Park Hotels & Resorts in a report on Saturday, September 27th. Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a research report on Tuesday, July 15th. Wall Street Zen cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a "hold" rating in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $12.00.

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.

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