Arizona State Retirement System Sells 1,090 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Arizona State Retirement System trimmed its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,307 shares of the financial services provider’s stock after selling 1,090 shares during the period. Arizona State Retirement System’s holdings in Park Hotels & Resorts were worth $923,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new stake in shares of Park Hotels & Resorts during the 4th quarter worth $42,000. Spire Wealth Management boosted its holdings in shares of Park Hotels & Resorts by 20.1% during the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after buying an additional 860 shares during the period. Covestor Ltd boosted its holdings in shares of Park Hotels & Resorts by 31.5% during the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,340 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in shares of Park Hotels & Resorts by 353.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,055 shares of the financial services provider’s stock worth $83,000 after buying an additional 5,500 shares during the period. Finally, Captrust Financial Advisors bought a new stake in shares of Park Hotels & Resorts during the 2nd quarter worth $104,000. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Trading Down 1.8 %

Shares of PK stock opened at $16.49 on Wednesday. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 35.85, a P/E/G ratio of 0.66 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. The firm has a fifty day moving average of $16.70 and a 200-day moving average of $15.21.

Park Hotels & Resorts (NYSE:PK) last announced 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. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The company had revenue of $657.00 million during the quarter, compared to analysts’ expectations of $665.16 million. On average, equities research analysts forecast that Park Hotels & Resorts Inc. will post 2 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.25 dividend. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.06%. Park Hotels & Resorts’s dividend payout ratio is currently 217.39%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Saturday. UBS Group upped their price objective 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 upped their target price for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. Truist Financial upped their target price on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. Finally, Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and upped 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 given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus 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.