Wealth Enhancement Advisory Services LLC Sells 29,492 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Wealth Enhancement Advisory Services LLC decreased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 37.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,750 shares of the financial services provider's stock after selling 29,492 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Park Hotels & Resorts were worth $700,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Quarry LP purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter worth approximately $35,000. GF Fund Management CO. LTD. purchased a new position in Park Hotels & Resorts in the fourth quarter valued at approximately $53,000. Quadrant Capital Group LLC increased its stake in Park Hotels & Resorts by 38.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 1,335 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Park Hotels & Resorts by 42.2% in the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider's stock valued at $112,000 after purchasing an additional 2,373 shares during the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in Park Hotels & Resorts in the fourth quarter valued at approximately $112,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Down 5.2%

PK stock traded down $0.55 during mid-day trading on Friday, hitting $9.91. The stock had a trading volume of 4,528,456 shares, compared to its average volume of 3,535,727. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. Park Hotels & Resorts Inc. has a 1-year low of $8.27 and a 1-year high of $16.23. The company has a fifty day moving average of $10.17 and a 200 day moving average of $12.15. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 1.51 and a beta of 1.74.

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

Park Hotels & Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 10.10%. Park Hotels & Resorts's dividend payout ratio (DPR) is currently 169.49%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PK. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the stock from $19.00 to $10.00 in a research report on Wednesday, April 9th. Truist Financial lowered shares of Park Hotels & Resorts from a "buy" rating to a "hold" rating and lowered their target price for the stock from $16.00 to $11.00 in a research report on Friday, May 30th. Morgan Stanley lowered their target price on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Evercore ISI downgraded Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price target for the company. in a report on Friday, May 16th. Finally, Wall Street Zen downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $12.75.

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.