Retirement Systems of Alabama Lowers Position in Park Hotels & Resorts Inc. (NYSE:PK)

Retirement Systems of Alabama trimmed its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 253,785 shares of the financial services provider’s stock after selling 6,144 shares during the period. Retirement Systems of Alabama’s holdings in Park Hotels & Resorts were worth $3,578,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PK. Harbor Capital Advisors Inc. bought a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at about $33,000. Venturi Wealth Management LLC lifted its position in shares of Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,841 shares in the last quarter. Quarry LP boosted its stake in Park Hotels & Resorts by 82.1% during the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after buying an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts during the 3rd quarter valued at approximately $69,000. Finally, Covestor Ltd grew its holdings 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 buying an additional 2,711 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Performance

Park Hotels & Resorts stock opened at $14.47 on Friday. Park Hotels & Resorts Inc. has a 1-year low of $13.23 and a 1-year high of $18.05. The company’s 50-day moving average is $14.76 and its 200 day moving average is $14.68. The firm has a market capitalization of $2.99 billion, a P/E ratio of 9.22, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

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

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 17.97%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is 63.69%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PK. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Truist Financial lowered their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Bank of America lowered their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, UBS Group lifted their price target on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.55.

Park Hotels & Resorts Company Profile

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.