Russell Investments Group Ltd. Sells 912,002 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in Park Hotels & Resorts by 79%, selling 912,002 shares, and now holds only 242,249 shares valued at approximately $2.59 million.
• Park Hotels & Resorts recently declared a quarterly dividend of $0.25 per share, which results in a substantial annual dividend yield of 8.4%, despite a high dividend payout ratio of 370.37%.
• The company reported earnings of $0.64 per share for the last quarter, exceeding analysts' expectations, but experienced a 2.0% year-over-year revenue decline.

Russell Investments Group Ltd. trimmed its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 79.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 242,249 shares of the financial services provider's stock after selling 912,002 shares during the quarter. Russell Investments Group Ltd. owned about 0.12% of Park Hotels & Resorts worth $2,588,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PK. UMB Bank n.a. increased its holdings in Park Hotels & Resorts by 140.9% in the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock worth $25,000 after buying an additional 1,395 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Park Hotels & Resorts by 11,039.1% during the 1st quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 2,539 shares during the period. Quarry LP purchased a new position in shares of Park Hotels & Resorts during the 4th quarter valued at about $35,000. GF Fund Management CO. LTD. purchased a new position in shares of Park Hotels & Resorts in the fourth quarter worth $53,000. Finally, GAMMA Investing LLC boosted its position in shares of Park Hotels & Resorts by 401.2% during the first quarter. GAMMA Investing LLC now owns 5,283 shares of the financial services provider's stock worth $56,000 after acquiring an additional 4,229 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a research report on Thursday, May 22nd. Wells Fargo & Company upped their price objective on Park Hotels & Resorts from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Wednesday. Truist Financial cut Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Morgan Stanley reaffirmed an "outperform" rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. Finally, Evercore ISI cut Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective on the stock. in a report on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Park Hotels & Resorts has an average rating of "Hold" and an average target price of $12.22.

Park Hotels & Resorts Trading Down 0.3%

Shares of PK traded down $0.04 during midday trading on Friday, hitting $11.73. The stock had a trading volume of 1,236,760 shares, compared to its average volume of 4,136,958. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $16.23. The firm has a market cap of $2.34 billion, a PE ratio of 43.44 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. The stock's 50 day moving average is $10.87 and its 200 day moving average is $10.84.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The business had revenue of $672.00 million for the quarter, compared to the consensus estimate of $672.37 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The business's revenue for the quarter was down 2.0% on a year-over-year basis. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. As a group, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm 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 $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio is 370.37%.

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.