Sound Income Strategies LLC Trims Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Sound Income Strategies LLC lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 92.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,492 shares of the financial services provider's stock after selling 256,076 shares during the quarter. Sound Income Strategies LLC's holdings in Park Hotels & Resorts were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sterling Capital Management LLC increased its position in shares of Park Hotels & Resorts by 15.8% during the fourth quarter. Sterling Capital Management LLC now owns 33,274 shares of the financial services provider's stock valued at $468,000 after buying an additional 4,533 shares during the period. American Century Companies Inc. increased its position in shares of Park Hotels & Resorts by 12.3% during the fourth quarter. American Century Companies Inc. now owns 16,532 shares of the financial services provider's stock valued at $233,000 after buying an additional 1,816 shares during the period. Federated Hermes Inc. increased its position in shares of Park Hotels & Resorts by 1,087.0% during the fourth quarter. Federated Hermes Inc. now owns 149,192 shares of the financial services provider's stock valued at $2,099,000 after buying an additional 136,623 shares during the period. Van ECK Associates Corp increased its position in shares of Park Hotels & Resorts by 8.1% during the fourth quarter. Van ECK Associates Corp now owns 38,852 shares of the financial services provider's stock valued at $547,000 after buying an additional 2,895 shares during the period. Finally, Amalgamated Bank increased its position in shares of Park Hotels & Resorts by 1.1% during the fourth quarter. Amalgamated Bank now owns 98,223 shares of the financial services provider's stock valued at $1,382,000 after buying an additional 1,089 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PK. Truist Financial cut shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price objective for the stock from $16.00 to $11.00 in a report on Friday, May 30th. Wall Street Zen cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Bank of America cut shares of Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective on the stock. in a report on Wednesday, April 30th. Citigroup restated a "buy" rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Finally, Evercore ISI cut shares of 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $12.75.

Park Hotels & Resorts Trading Up 4.4%

Shares of NYSE PK opened at $10.34 on Tuesday. The firm's 50 day moving average price is $10.17 and its 200-day moving average price is $12.11. The company has a market cap of $2.07 billion, a PE ratio of 10.23, a P/E/G ratio of 1.51 and a beta of 1.74. Park Hotels & Resorts Inc. has a 52-week low of $8.27 and a 52-week high of $16.23. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.05. The firm had revenue of $630.00 million for the quarter, compared to the consensus estimate of $620.17 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business's revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a yield of 9.68%. Park Hotels & Resorts's dividend payout ratio (DPR) is 169.49%.

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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