Park Hotels & Resorts Inc. $PK Shares Sold by Private Management Group Inc.

Private Management Group Inc. lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 4.6% in the second quarter, Holdings Channel reports. The firm owned 3,034,061 shares of the financial services provider’s stock after selling 146,636 shares during the period. Park Hotels & Resorts accounts for about 1.1% of Private Management Group Inc.’s investment portfolio, making the stock its 18th largest position. Private Management Group Inc.’s holdings in Park Hotels & Resorts were worth $43,235,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PK. Global Retirement Partners LLC purchased a new position in Park Hotels & Resorts in the 2nd quarter valued at about $25,000. Danske Bank A S acquired a new stake in Park Hotels & Resorts in the 3rd quarter worth about $25,000. Fifth Third Bancorp increased its stake in Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,061 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Park Hotels & Resorts during the 3rd quarter worth approximately $34,000. Finally, North Star Investment Management Corp. increased its stake in Park Hotels & Resorts by 263.2% during the 1st quarter. North Star Investment Management Corp. now owns 6,210 shares of the financial services provider’s stock worth $65,000 after buying an additional 4,500 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Up 0.8%

NYSE PK opened at $15.84 on Friday. The business’s fifty day simple moving average is $14.86 and its 200-day simple moving average is $12.73. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The firm has a market cap of $3.19 billion, a PE ratio of -19.08, a P/E/G ratio of 2.06 and a beta of 1.34. Park Hotels & Resorts Inc. has a 52 week low of $9.84 and a 52 week high of $16.20.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The firm had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. During the same quarter in the prior year, the firm posted $0.64 earnings per share. Park Hotels & Resorts’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Park Hotels & Resorts Inc. will post 1.83 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.3%. Park Hotels & Resorts’s dividend payout ratio is currently -120.48%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. BMO Capital Markets restated a “market perform” rating and issued a $14.00 target price on shares of Park Hotels & Resorts in a research report on Friday, June 12th. Barclays boosted their price target on Park Hotels & Resorts from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday. Weiss Ratings raised Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. raised their price objective on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Monday, August 10th. Finally, LADENBURG THALM/SH SH raised their price objective on Park Hotels & Resorts from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.08.

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.