Russell Investments Group Ltd. Has $2.59 Million Stock Position in 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. decreased its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 79.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 242,249 shares of the financial services provider's stock after selling 912,002 shares during the period. Russell Investments Group Ltd. owned approximately 0.12% of Park Hotels & Resorts worth $2,588,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Donald Smith & CO. Inc. grew its position in Park Hotels & Resorts by 25.8% in the first quarter. Donald Smith & CO. Inc. now owns 11,577,320 shares of the financial services provider's stock valued at $123,646,000 after purchasing an additional 2,377,195 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Park Hotels & Resorts by 9.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,195,453 shares of the financial services provider's stock valued at $34,127,000 after purchasing an additional 286,470 shares in the last quarter. Private Management Group Inc. grew its position in Park Hotels & Resorts by 31.1% in the first quarter. Private Management Group Inc. now owns 2,976,581 shares of the financial services provider's stock valued at $31,790,000 after purchasing an additional 706,732 shares in the last quarter. Northern Trust Corp grew its position in Park Hotels & Resorts by 38.9% in the fourth quarter. Northern Trust Corp now owns 2,742,348 shares of the financial services provider's stock valued at $38,585,000 after purchasing an additional 767,818 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Park Hotels & Resorts by 809.3% in the fourth quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock valued at $33,988,000 after purchasing an additional 2,149,972 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PK. Evercore ISI downgraded shares of Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 target price for the company. in a research report on Friday, May 16th. Morgan Stanley reaffirmed an "outperform" rating on shares of Park Hotels & Resorts in a research report on Tuesday, July 15th. JPMorgan Chase & Co. initiated coverage on shares of Park Hotels & Resorts in a research report on Monday, June 23rd. They issued an "underweight" rating and a $10.00 target price for the company. Wall Street Zen cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Wells Fargo & Company increased their price target on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the company an "equal weight" rating in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Park Hotels & Resorts has an average rating of "Hold" and a consensus price target of $12.22.

Park Hotels & Resorts Stock Performance

PK stock traded up $0.03 during trading hours on Friday, reaching $11.79. The stock had a trading volume of 2,540,287 shares, compared to its average volume of 3,899,517. The stock has a 50-day simple moving average of $10.90 and a 200 day simple moving average of $10.82. 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 has a market capitalization of $2.36 billion, a PE ratio of 43.67 and a beta of 1.80. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.23.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $0.64 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $672.37 million. During the same quarter in the previous year, the firm posted $0.65 EPS. Park Hotels & Resorts's revenue 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. Analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 8.5%. Park Hotels & Resorts's dividend payout ratio is 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.