Voya Investment Management LLC Buys 189,825 Shares of Park Hotels & Resorts Inc. $PK

Key Points

• Voya Investment Management LLC increased its stake in Park Hotels & Resorts by 116.3%, owning approximately 352,982 shares worth $3.77 million at the end of the most recent quarter.
• Analysts have mixed opinions on Park Hotels & Resorts, with ratings ranging from buy to sell, and an average target price of $12.20 for the stock.
• The company recently announced a quarterly dividend of $0.25, resulting in an annualized dividend yield of 8.3% despite a high dividend payout ratio of 370.37%.

Voya Investment Management LLC lifted its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 116.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 352,982 shares of the financial services provider's stock after buying an additional 189,825 shares during the quarter. Voya Investment Management LLC owned about 0.18% of Park Hotels & Resorts worth $3,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Donald Smith & CO. Inc. lifted 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 buying an additional 2,377,195 shares during the last quarter. AQR Capital Management LLC grew its position in Park Hotels & Resorts by 89.8% in the first quarter. AQR Capital Management LLC now owns 4,383,530 shares of the financial services provider's stock valued at $46,378,000 after acquiring an additional 2,073,721 shares in the last quarter. H 2 Credit Manager LP boosted its holdings in Park Hotels & Resorts by 13.9% in the first quarter. H 2 Credit Manager LP now owns 3,903,750 shares of the financial services provider's stock worth $41,692,000 after purchasing an additional 475,000 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings 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 worth $34,127,000 after purchasing an additional 286,470 shares during the period. Finally, Private Management Group Inc. raised its position in shares of Park Hotels & Resorts by 31.1% during the 1st quarter. Private Management Group Inc. now owns 2,976,581 shares of the financial services provider's stock worth $31,790,000 after buying an additional 706,732 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PK. Wall Street Zen downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their target price for the company from $16.00 to $11.00 in a research report on Friday, May 30th. Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. Wells Fargo & Company raised their price target on Park Hotels & Resorts from $11.00 to $12.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Finally, Citigroup downgraded Park Hotels & Resorts from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $13.00 to $12.00 in a report on Tuesday, September 9th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $12.20.

Park Hotels & Resorts Stock Performance

Shares of PK traded down $0.30 during mid-day trading on Monday, hitting $11.68. 1,055,349 shares of the company's stock were exchanged, compared to its average volume of 4,072,438. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.23. 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 firm has a market capitalization of $2.34 billion, a P/E ratio of 43.24 and a beta of 1.80. The business's 50 day moving average is $11.28 and its two-hundred 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 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.07. The business had revenue of $672.00 million for the quarter, compared to analyst estimates of $672.37 million. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The business's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.65 EPS. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The firm 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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's payout ratio is 370.37%.

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.