Strs Ohio Purchases Shares of 523,700 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 purchased a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 523,700 shares of the financial services provider's stock, valued at approximately $5,593,000. Strs Ohio owned 0.26% of Park Hotels & Resorts as of its most recent filing with the Securities & Exchange Commission.

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

Park Hotels & Resorts Price Performance

NYSE:PK opened at $11.96 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $2.39 billion, a P/E ratio of 44.28 and a beta of 1.80. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.23. The business's 50-day moving average is $11.17 and its 200 day moving average is $10.75.

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

Park Hotels & Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's payout ratio is presently 370.37%.

Analyst Ratings Changes

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

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.

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