Sumitomo Mitsui Trust Holdings Inc. Sells 400,542 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 26.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,105,355 shares of the financial services provider's stock after selling 400,542 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.53% of Park Hotels & Resorts worth $16,912,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. increased its stake in shares of Park Hotels & Resorts by 200.0% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 900,000 shares of the financial services provider's stock worth $11,088,000 after purchasing an additional 600,000 shares during the last quarter. UBS Group AG increased its stake in shares of Park Hotels & Resorts by 548.2% during the 3rd quarter. UBS Group AG now owns 552,839 shares of the financial services provider's stock worth $6,811,000 after purchasing an additional 467,554 shares during the last quarter. LSV Asset Management acquired a new position in shares of Park Hotels & Resorts during the 3rd quarter worth about $5,178,000. Hudson Bay Capital Management LP increased its stake in shares of Park Hotels & Resorts by 238.5% during the 3rd quarter. Hudson Bay Capital Management LP now owns 530,217 shares of the financial services provider's stock worth $6,532,000 after purchasing an additional 373,600 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board increased its stake in shares of Park Hotels & Resorts by 242.7% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 497,167 shares of the financial services provider's stock worth $6,125,000 after purchasing an additional 352,088 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

NYSE PK traded up $0.38 during trading on Tuesday, reaching $16.73. The company's stock had a trading volume of 2,252,164 shares, compared to its average volume of 2,803,319. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 0.61 and a beta of 2.03. Park Hotels & Resorts Inc. has a 12 month low of $11.05 and a 12 month high of $18.05. The firm has a 50 day moving average price of $16.78 and a 200 day moving average price of $15.33.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.39. The firm had revenue of $657.00 million during the quarter, compared to the consensus estimate of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. As a group, equities analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 217.39%.

Analyst Ratings Changes

Several research firms have recently weighed in on PK. Wells Fargo & Company boosted their price objective on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 21st. StockNews.com downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Tuesday. Truist Financial lifted their target price on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, March 14th. UBS Group lifted their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, March 6th. Finally, Jefferies Financial Group raised shares of Park Hotels & Resorts from a "hold" rating to a "buy" rating and lifted their target price for the stock from $14.00 to $21.00 in a report on Tuesday, January 2nd. 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price 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.