Royal Bank of Canada Sells 345,763 Shares of Park Hotels & Resorts Inc. $PK

Royal Bank of Canada lowered its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 97.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,877 shares of the financial services provider’s stock after selling 345,763 shares during the quarter. Royal Bank of Canada’s holdings in Park Hotels & Resorts were worth $105,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Danske Bank A S bought a new stake in Park Hotels & Resorts in the third quarter worth $25,000. Fifth Third Bancorp increased its holdings in shares of Park Hotels & Resorts by 68.8% during the first quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 1,061 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Park Hotels & Resorts during the third quarter valued at $34,000. North Star Investment Management Corp. raised its position in shares of Park Hotels & Resorts by 263.2% in the 1st quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Intrua Financial LLC purchased a new position in shares of Park Hotels & Resorts in the 1st quarter worth about $108,000. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

NYSE PK opened at $15.31 on Tuesday. Park Hotels & Resorts Inc. has a one year low of $9.84 and a one year high of $16.20. The stock has a 50-day moving average of $14.88 and a 200 day moving average of $12.76. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -18.45, a PEG ratio of 2.06 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $680.00 million for the quarter, compared to analysts’ expectations of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. On average, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.83 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s payout ratio is presently -120.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PK shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $18.00 price target on shares of Park Hotels & Resorts in a research note on Friday, August 14th. Barclays lifted their target price on shares of Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Thursday. Morgan Stanley upped their target price on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Weiss Ratings upgraded shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald raised their price target on shares of Park Hotels & Resorts from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.08.

About Park Hotels & Resorts

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.