M&T Bank Corp Decreases Stock Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

M&T Bank Corp reduced its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 68.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,803 shares of the financial services provider’s stock after selling 79,409 shares during the period. M&T Bank Corp’s holdings in Park Hotels & Resorts were worth $505,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PK. Harbor Capital Advisors Inc. bought a new position in Park Hotels & Resorts during the 3rd quarter valued at approximately $33,000. Venturi Wealth Management LLC raised its holdings in shares of Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 2,841 shares in the last quarter. Quarry LP lifted its stake in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 1,857 shares during the period. Claro Advisors LLC bought a new stake in Park Hotels & Resorts in the third quarter valued at $69,000. Finally, Covestor Ltd increased its position in Park Hotels & Resorts by 64.8% during the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 2,711 shares during the period. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on PK shares. UBS Group raised their target price on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Bank of America cut their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Compass Point decreased their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Truist Financial dropped their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Finally, StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.55.

Park Hotels & Resorts Trading Up 0.6 %

NYSE PK opened at $15.49 on Wednesday. Park Hotels & Resorts Inc. has a 12 month low of $13.23 and a 12 month high of $18.05. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. The stock’s fifty day moving average price is $14.75 and its 200-day moving average price is $14.68. The stock has a market cap of $3.20 billion, a P/E ratio of 9.86, a P/E/G ratio of 6.90 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. As a group, equities analysts forecast that Park Hotels & Resorts Inc. will post 1.96 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a yield of 16.79%. Park Hotels & Resorts’s dividend payout ratio is 63.69%.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.