The Manufacturers Life Insurance Company Trims Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

The Manufacturers Life Insurance Company reduced its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 180,804 shares of the financial services provider’s stock after selling 4,346 shares during the period. The Manufacturers Life Insurance Company’s holdings in Park Hotels & Resorts were worth $2,544,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PK. Landmark Investment Partners L.P. acquired a new stake in Park Hotels & Resorts during the fourth quarter valued at $21,342,000. Tudor Investment Corp ET AL grew its holdings in Park Hotels & Resorts by 124.5% in the fourth quarter. Tudor Investment Corp ET AL now owns 58,961 shares of the financial services provider’s stock valued at $830,000 after purchasing an additional 32,692 shares during the period. Quarry LP purchased a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at approximately $35,000. Coldstream Capital Management Inc. raised its stake in shares of Park Hotels & Resorts by 7.3% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider’s stock worth $168,000 after buying an additional 813 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $184,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $10.37 on Friday. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $16.58. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. The company has a 50 day moving average price of $10.48 and a 200 day moving average price of $12.84. The stock has a market capitalization of $2.09 billion, a P/E ratio of 10.27, a PEG ratio of 1.51 and a beta of 1.75.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. The business had revenue of $630.00 million during the quarter, compared to analysts’ expectations of $620.17 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The company’s revenue was down 1.4% on a year-over-year basis. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.64%. The ex-dividend date is Monday, June 30th. Park Hotels & Resorts’s payout ratio is currently 169.49%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PK. Evercore ISI reduced their price objective on shares of Park Hotels & Resorts from $16.00 to $13.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Truist Financial cut their price objective on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Jefferies Financial Group downgraded Park Hotels & Resorts from a “buy” rating to a “hold” rating and decreased their target price for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Finally, Morgan Stanley dropped their target price on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.60.

Park Hotels & Resorts Company Profile

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.