Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Vulcan Value Partners LLC

Key Points

• Vulcan Value Partners LLC reduced its stake in Park Hotels & Resorts by 17.1%, selling 201,539 shares, and now holds approximately 0.48% of the company valued at $10.66 million.
• Other hedge funds have shown increased interest, with UMB Bank raising its position by 140.9% and Versant Capital Management increasing theirs by 11,039.1% in the first quarter.
• Park Hotels & Resorts reported a quarterly EPS of $0.64, surpassing analyst estimates of $0.57, despite a 2.0% year-over-year decline in revenue.

Vulcan Value Partners LLC reduced its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 17.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 975,274 shares of the financial services provider's stock after selling 201,539 shares during the period. Vulcan Value Partners LLC owned 0.48% of Park Hotels & Resorts worth $10,660,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Coldstream Capital Management Inc. raised its holdings in Park Hotels & Resorts by 7.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider's stock worth $168,000 after buying an additional 813 shares during the period. IFM Investors Pty Ltd increased 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 worth $515,000 after buying an additional 1,043 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased 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 worth $491,000 after buying an additional 1,139 shares during the last quarter. Tidal Investments LLC boosted its position 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 worth $292,000 after purchasing an additional 1,232 shares during the period. Finally, Mackenzie Financial Corp boosted its position 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 worth $138,000 after purchasing an additional 1,239 shares during the period. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PK. Citigroup reissued a "buy" rating on shares of Park Hotels & Resorts in a report on Thursday, May 22nd. Morgan Stanley reissued an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. JPMorgan Chase & Co. initiated coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They set an "underweight" rating and a $10.00 target price for the company. Wells Fargo & Company raised their price objective on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, Bank of America lowered shares of Park Hotels & Resorts from a "neutral" rating to an "underperform" rating and set a $11.00 price objective for the company. in a report on Wednesday, April 30th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $12.11.

Park Hotels & Resorts Price Performance

PK traded up $0.01 during trading on Tuesday, hitting $10.41. The company's stock had a trading volume of 2,694,027 shares, compared to its average volume of 4,188,771. The company has a current ratio of 1.16, a quick ratio of 1.07 and a debt-to-equity ratio of 1.35. Park Hotels & Resorts Inc. has a twelve month low of $8.27 and a twelve month high of $16.23. The business's fifty day simple moving average is $10.60 and its 200 day simple moving average is $11.13. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 38.58 and a beta of 1.80.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $672.00 million for the quarter, compared to analyst estimates of $672.37 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 30th. Park Hotels & Resorts's dividend payout ratio (DPR) is currently 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.