DigitalBridge Group Inc. Sells 87,900 Shares of Park Hotels & Resorts Inc. $PK

DigitalBridge Group Inc. cut its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 24.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 268,300 shares of the financial services provider’s stock after selling 87,900 shares during the period. DigitalBridge Group Inc.’s holdings in Park Hotels & Resorts were worth $2,973,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PK. Parvin Asset Management LLC purchased a new stake in Park Hotels & Resorts in the second quarter worth $26,000. Clearstead Advisors LLC raised its holdings in Park Hotels & Resorts by 326.4% during the 3rd quarter. Clearstead Advisors LLC now owns 3,198 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 2,448 shares during the period. Allworth Financial LP lifted its position in shares of Park Hotels & Resorts by 322.4% during the second quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 2,992 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Park Hotels & Resorts by 1,288.9% in the third quarter. Parkside Financial Bank & Trust now owns 8,722 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 8,094 shares during the period. Finally, Journey Strategic Wealth LLC bought a new position in shares of Park Hotels & Resorts in the third quarter worth $114,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PK. Evercore decreased their target price on shares of Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating on the stock in a report on Thursday, November 20th. Weiss Ratings lowered shares of Park Hotels & Resorts from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, February 23rd. Wells Fargo & Company decreased their price target on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Monday, December 1st. Wall Street Zen raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Sunday, March 1st. Finally, Truist Financial decreased their target price on Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating on the stock in a research note on Tuesday, February 3rd. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Price Performance

PK stock opened at $10.49 on Wednesday. The firm has a 50 day simple moving average of $11.18 and a two-hundred day simple moving average of $11.04. The stock has a market cap of $2.11 billion, a PE ratio of -7.33 and a beta of 1.40. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $12.39. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.34 and a quick ratio of 1.34.

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

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.00 annualized dividend and a yield of 9.5%. Park Hotels & Resorts’s payout ratio is -69.93%.

Insider Buying and Selling at Park Hotels & Resorts

In other news, Director Christie B. Kelly bought 2,949 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The stock was bought at an average price of $11.19 per share, for a total transaction of $32,999.31. Following the transaction, the director directly owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This represents a 2.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.

Park Hotels & Resorts Company 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.