Peregrine Capital Management LLC Reduces Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Peregrine Capital Management LLC lessened its position in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 24.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 503,392 shares of the financial services provider's stock after selling 166,367 shares during the period. Peregrine Capital Management LLC owned 0.24% of Park Hotels & Resorts worth $7,702,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PK. Vanguard Group Inc. grew its holdings in Park Hotels & Resorts by 1.7% in the first quarter. Vanguard Group Inc. now owns 33,696,042 shares of the financial services provider's stock worth $658,084,000 after purchasing an additional 567,015 shares during the period. BlackRock Inc. grew its holdings in Park Hotels & Resorts by 0.9% in the first quarter. BlackRock Inc. now owns 30,213,527 shares of the financial services provider's stock worth $373,439,000 after purchasing an additional 278,266 shares during the period. State Street Corp grew its holdings in Park Hotels & Resorts by 5.4% in the second quarter. State Street Corp now owns 13,036,934 shares of the financial services provider's stock worth $177,037,000 after purchasing an additional 662,640 shares during the period. Goldman Sachs Group Inc. grew its holdings in Park Hotels & Resorts by 54.6% in the second quarter. Goldman Sachs Group Inc. now owns 11,358,377 shares of the financial services provider's stock worth $145,614,000 after purchasing an additional 4,010,239 shares during the period. Finally, Rush Island Management LP grew its holdings in Park Hotels & Resorts by 11.3% in the second quarter. Rush Island Management LP now owns 7,020,333 shares of the financial services provider's stock worth $90,001,000 after purchasing an additional 714,008 shares during the period. Institutional investors own 92.69% of the company's stock.

Park Hotels & Resorts Stock Performance

PK stock traded down $0.48 during mid-day trading on Wednesday, hitting $17.15. The company had a trading volume of 1,599,149 shares, compared to its average volume of 2,880,983. The firm has a market cap of $3.61 billion, a PE ratio of 37.28, a price-to-earnings-growth ratio of 0.69 and a beta of 2.03. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.30 and a current ratio of 1.30. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The stock's fifty day moving average price is $16.52 and its two-hundred day moving average price is $15.04.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.49 by $0.39. The business had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be given a $0.25 dividend. This is a positive change from Park Hotels & Resorts's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 5.83%. Park Hotels & Resorts's payout ratio is currently 217.39%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Park Hotels & Resorts from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $11.00 to $16.00 in a report on Thursday, December 14th. Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a "hold" rating to a "buy" rating and lifted their price objective for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. Citigroup upgraded shares of Park Hotels & Resorts from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $14.00 to $20.00 in a report on Friday, March 22nd. UBS Group lifted their price objective on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, March 6th. Finally, Wells Fargo & Company lifted their price objective on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an "equal weight" rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $17.58.

Park Hotels & Resorts Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.