Citigroup Inc. Purchases 199,405 Shares of Park Hotels & Resorts Inc. $PK

Citigroup Inc. boosted its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 13.9% in the third quarter, Holdings Channel reports. The fund owned 1,636,353 shares of the financial services provider’s stock after acquiring an additional 199,405 shares during the period. Citigroup Inc.’s holdings in Park Hotels & Resorts were worth $18,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sculptor Capital LP increased its holdings in shares of Park Hotels & Resorts by 154.1% during the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock worth $66,844,000 after purchasing an additional 3,962,304 shares during the period. AQR Capital Management LLC boosted its stake in shares of Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after purchasing an additional 3,361,382 shares in the last quarter. Bank of America Corp DE grew its stake in Park Hotels & Resorts by 34.6% during the second quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after buying an additional 3,309,275 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Park Hotels & Resorts by 29.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 4,447,474 shares of the financial services provider’s stock valued at $49,278,000 after purchasing an additional 1,023,400 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Park Hotels & Resorts by 47.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,933,080 shares of the financial services provider’s stock worth $30,032,000 after buying an additional 948,128 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $11.70 on Friday. The company has a market cap of $2.34 billion, a P/E ratio of -8.18 and a beta of 1.45. The company has a fifty day simple moving average of $11.15 and a 200 day simple moving average of $11.08. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $12.65. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Thursday, February 19th. The financial services provider reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($1.50). The business had revenue of $629.00 million for the quarter, compared to analysts’ expectations of $621.79 million. Park Hotels & Resorts had a negative net margin of 11.14% and a negative return on equity of 8.56%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 earnings per share. Park Hotels & Resorts has set its FY 2026 guidance at 1.730-1.89 EPS. Sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date is Tuesday, March 31st. Park Hotels & Resorts’s payout ratio is -69.93%.

Insiders Place Their Bets

In related news, Director Christie B. Kelly acquired 2,949 shares of the company’s stock in a transaction dated Wednesday, January 14th. The stock was bought at an average cost of $11.19 per share, with a total value of $32,999.31. Following the acquisition, the director owned 150,501 shares of the company’s stock, valued at approximately $1,684,106.19. The trade was a 2.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PK shares. Barclays started coverage on shares of Park Hotels & Resorts in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 price objective on the stock. Zacks Research upgraded shares of Park Hotels & Resorts from a “strong sell” rating to a “hold” rating in a report on Thursday, February 19th. Weiss Ratings downgraded Park Hotels & Resorts from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 3rd. Finally, Evercore reduced their price objective on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a report on Thursday, November 20th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.