PGGM Investments Sells 2,877,069 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

PGGM Investments lowered its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 86.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 433,873 shares of the financial services provider's stock after selling 2,877,069 shares during the period. PGGM Investments owned about 0.21% of Park Hotels & Resorts worth $6,638,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in shares of Park Hotels & Resorts by 149.2% in the fourth quarter. Russell Investments Group Ltd. now owns 470,917 shares of the financial services provider's stock valued at $7,205,000 after purchasing an additional 281,967 shares during the period. Truist Financial Corp raised its holdings in shares of Park Hotels & Resorts by 3.8% during the fourth quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider's stock worth $342,000 after purchasing an additional 816 shares during the period. Stevens Capital Management LP acquired a new stake in shares of Park Hotels & Resorts in the 4th quarter worth about $307,000. Yousif Capital Management LLC lifted its position in Park Hotels & Resorts by 3.1% in the 4th quarter. Yousif Capital Management LLC now owns 86,109 shares of the financial services provider's stock valued at $1,317,000 after purchasing an additional 2,582 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Park Hotels & Resorts by 3,694.6% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,355,522 shares of the financial services provider's stock valued at $20,739,000 after purchasing an additional 1,319,800 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Stock Performance

Park Hotels & Resorts stock traded up $0.24 on Friday, hitting $16.57. The company's stock had a trading volume of 1,528,051 shares, compared to its average volume of 1,963,864. The firm has a market cap of $3.49 billion, a P/E ratio of 36.02, a price-to-earnings-growth ratio of 0.85 and a beta of 2.03. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19. The company has a fifty day moving average price of $16.91 and a 200-day moving average price of $15.46. Park Hotels & Resorts Inc. has a one year low of $11.05 and a one year high of $18.05.

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

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.04%. Park Hotels & Resorts's dividend payout ratio (DPR) is presently 217.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PK. Truist Financial lifted their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, March 14th. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Tuesday, April 23rd. UBS Group raised their price target 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. Citigroup upgraded shares of Park Hotels & Resorts from a "neutral" rating to a "buy" rating and raised their price target for the stock from $14.00 to $20.00 in a report on Friday, March 22nd. Finally, Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a "hold" rating to a "buy" rating and lifted their target price for the company from $14.00 to $21.00 in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average 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.