Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 26.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.’s holdings in Park Hotels & Resorts were worth $16,912,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Cascade Investment Advisors Inc. grew its holdings in Park Hotels & Resorts by 1.1% during the 4th quarter. Cascade Investment Advisors Inc. now owns 66,222 shares of the financial services provider’s stock worth $1,013,000 after acquiring an additional 725 shares in the last quarter. Spire Wealth Management boosted its holdings in shares of Park Hotels & Resorts by 20.1% in the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock valued at $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% in the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,340 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Park Hotels & Resorts by 2.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 86,399 shares of the financial services provider’s stock valued at $1,064,000 after purchasing an additional 1,714 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Park Hotels & Resorts by 1.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 133,328 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 2,146 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. 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 research 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 research report on Wednesday, March 6th. Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $21.00 in a research report on Tuesday, January 2nd. Wells Fargo & Company boosted their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Finally, Barclays boosted their price target on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $17.58.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $16.35 on Tuesday. The stock has a market cap of $3.44 billion, a P/E ratio of 35.54, a PEG ratio of 0.61 and a beta of 2.03. Park Hotels & Resorts Inc. has a one year low of $11.05 and a one year high of $18.05. The company has a fifty day moving average price of $16.78 and a 200 day moving average price of $15.33. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share 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%. Analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 27th. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.15. This represents a $1.00 dividend on an annualized basis and a yield of 6.12%. Park Hotels & Resorts’s dividend payout ratio is presently 217.39%.

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.