Wells Fargo & Company MN Sells 100,582 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Wells Fargo & Company MN cut its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 43.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 132,357 shares of the financial services provider's stock after selling 100,582 shares during the quarter. Wells Fargo & Company MN owned approximately 0.06% of Park Hotels & Resorts worth $1,862,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Donald Smith & CO. Inc. increased its holdings in Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider's stock worth $129,446,000 after buying an additional 1,122,839 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Park Hotels & Resorts by 18.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider's stock valued at $94,160,000 after purchasing an additional 1,056,188 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in Park Hotels & Resorts by 3.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider's stock valued at $50,426,000 after buying an additional 125,730 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Park Hotels & Resorts by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider's stock valued at $49,182,000 after buying an additional 540,920 shares during the period. Finally, Norges Bank acquired a new position in Park Hotels & Resorts in the 4th quarter valued at $41,087,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Bank of America cut 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 research report on Wednesday. Morgan Stanley reduced their price objective on Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. StockNews.com lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Wells Fargo & Company lowered their target price on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 18th. Finally, Evercore ISI decreased their price objective on Park Hotels & Resorts from $16.00 to $13.00 and set an "outperform" rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $14.60.

Park Hotels & Resorts Price Performance

PK stock traded up $0.27 during mid-day trading on Thursday, hitting $10.21. 782,768 shares of the stock were exchanged, compared to its average volume of 4,228,580. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 1.51 and a beta of 1.73. The business has a fifty day moving average price of $10.77 and a 200 day moving average price of $13.04. Park Hotels & Resorts Inc. has a 12 month low of $8.27 and a 12 month high of $16.58. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.25 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 9.79%. Park Hotels & Resorts's payout ratio is presently 99.01%.

Park Hotels & Resorts Profile

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.