Strs Ohio Invests $5.59 Million in Park Hotels & Resorts Inc. $PK

Key Points

• Strs Ohio acquired 523,700 shares of Park Hotels & Resorts Inc. for approximately $5.6 million during the first quarter, representing a 0.26% ownership in the company.
• Park Hotels reported a quarterly earnings per share of $0.64, exceeding analyst expectations, but revenue decreased by 2.0% year-over-year.
• A quarterly dividend of $0.25 per share has been declared, resulting in an annualized yield of 8.4%, with a high payout ratio of 370.37%.

Strs Ohio bought a new position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 523,700 shares of the financial services provider's stock, valued at approximately $5,593,000. Strs Ohio owned about 0.26% of Park Hotels & Resorts at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. IFM Investors Pty Ltd increased its position in Park Hotels & Resorts by 2.2% in the 1st quarter. IFM Investors Pty Ltd now owns 48,266 shares of the financial services provider's stock worth $515,000 after purchasing an additional 1,043 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its position in Park Hotels & Resorts by 3.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 32,929 shares of the financial services provider's stock worth $491,000 after purchasing an additional 1,139 shares during the last quarter. Tidal Investments LLC increased its position in Park Hotels & Resorts by 6.3% in the 4th quarter. Tidal Investments LLC now owns 20,754 shares of the financial services provider's stock worth $292,000 after purchasing an additional 1,232 shares during the last quarter. Mackenzie Financial Corp increased its position in Park Hotels & Resorts by 10.6% in the 1st quarter. Mackenzie Financial Corp now owns 12,905 shares of the financial services provider's stock worth $138,000 after purchasing an additional 1,239 shares during the last quarter. Finally, Vident Advisory LLC increased its position in Park Hotels & Resorts by 11.2% in the 1st quarter. Vident Advisory LLC now owns 13,153 shares of the financial services provider's stock worth $140,000 after purchasing an additional 1,325 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

NYSE:PK traded down $0.13 during mid-day trading on Friday, hitting $12.00. 4,622,002 shares of the company's stock traded hands, compared to its average volume of 3,213,676. The firm has a 50 day moving average of $11.28 and a two-hundred day moving average of $10.77. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.23. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 44.45 and a beta of 1.80. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35.

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 return on equity of 0.76% and a net margin of 2.25%.The firm had revenue of $672.00 million during the quarter, compared to the consensus estimate of $672.37 million. During the same quarter in the prior year, the company earned $0.65 EPS. The firm's revenue for the quarter 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. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 annualized dividend and a yield of 8.3%. Park Hotels & Resorts's dividend payout ratio is 370.37%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 price target for the company. Wall Street Zen downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and decreased their price target for the stock from $16.00 to $11.00 in a research note on Friday, May 30th. Finally, Citigroup downgraded Park Hotels & Resorts from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $13.00 to $12.00 in a research note on Tuesday, September 9th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $12.20.

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.