Royal Bank of Canada Trims Holdings in Park Hotels & Resorts Inc. $PK

Key Points

• Royal Bank of Canada cut its Park Hotels & Resorts stake by 97.2% in the first quarter, selling 345,763 shares and retaining 9,877 shares worth approximately $105,000. Institutional investors collectively own 92.69% of PK.
• Park Hotels reported quarterly EPS of $0.24, in line with estimates, while revenue of $680 million exceeded expectations and rose 1.2% year over year. The stock recently traded at $15.31, near its 52-week high of $16.20.
• The company declared a quarterly dividend of $0.25, equivalent to a 6.5% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $14.08.

Royal Bank of Canada trimmed its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 97.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,877 shares of the financial services provider's stock after selling 345,763 shares during the quarter. Royal Bank of Canada's holdings in Park Hotels & Resorts were worth $105,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Amundi lifted its holdings in shares of Park Hotels & Resorts by 1.9% in the first quarter. Amundi now owns 115,143 shares of the financial services provider's stock worth $1,119,000 after buying an additional 2,179 shares in the last quarter. Millennium Management LLC grew its stake in Park Hotels & Resorts by 849.3% during the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider's stock valued at $5,595,000 after acquiring an additional 468,668 shares in the last quarter. United Services Automobile Association bought a new stake in Park Hotels & Resorts during the 1st quarter worth approximately $152,000. Empowered Funds LLC increased its holdings in Park Hotels & Resorts by 10.1% during the 1st quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider's stock worth $239,000 after acquiring an additional 2,058 shares during the period. Finally, Focus Partners Wealth lifted its stake in Park Hotels & Resorts by 30.6% in the 1st quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider's stock worth $199,000 after purchasing an additional 4,374 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Performance

Park Hotels & Resorts stock opened at $15.31 on Tuesday. The stock's 50 day simple moving average is $14.88 and its two-hundred day simple moving average is $12.76. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of -18.45, a PEG ratio of 2.06 and a beta of 1.34. Park Hotels & Resorts Inc. has a fifty-two week low of $9.84 and a fifty-two week high of $16.20.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The business's revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, analysts expect that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.5%. Park Hotels & Resorts's dividend payout ratio is currently -120.48%.

Analyst Ratings Changes

A number of research analysts have recently commented on PK shares. Barclays boosted their price target on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the company an "equal weight" rating in a research report on Thursday. BMO Capital Markets reissued a "market perform" rating and set a $14.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Morgan Stanley boosted their target price on Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an "underweight" rating in a research note on Monday, August 10th. Finally, Truist Financial increased their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the company a "hold" rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $14.08.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company's primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

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