Arrowstreet Capital Limited Partnership Acquires 1,056,188 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Arrowstreet Capital Limited Partnership boosted its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 18.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,692,233 shares of the financial services provider’s stock after buying an additional 1,056,188 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 3.24% of Park Hotels & Resorts worth $94,160,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Pictet Asset Management Holding SA increased its position in Park Hotels & Resorts by 4.7% during the fourth quarter. Pictet Asset Management Holding SA now owns 66,878 shares of the financial services provider’s stock worth $941,000 after acquiring an additional 3,019 shares during the period. Nomura Asset Management Co. Ltd. increased its holdings in shares of Park Hotels & Resorts by 6.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 282,500 shares of the financial services provider’s stock worth $3,975,000 after purchasing an additional 18,200 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Park Hotels & Resorts during the fourth quarter valued at about $1,650,000. Norges Bank bought a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at about $41,087,000. Finally, EntryPoint Capital LLC acquired a new stake in Park Hotels & Resorts during the fourth quarter worth about $261,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. Wells Fargo & Company reduced their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. UBS Group lowered their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Jefferies Financial Group reduced their price objective on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Finally, Truist Financial dropped their price target on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and an average target price of $17.72.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $10.70 on Tuesday. Park Hotels & Resorts Inc. has a 1-year low of $10.46 and a 1-year high of $17.87. The company has a 50 day moving average of $12.42 and a 200-day moving average of $13.81. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 1.51 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.35%. Park Hotels & Resorts’s payout ratio is 99.01%.

About Park Hotels & Resorts

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.