Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in Park Hotels & Resorts Inc. $PK

Mirae Asset Global Investments Co. Ltd. trimmed its position in Park Hotels & Resorts Inc. (NYSE:PK) by 25.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,181 shares of the financial services provider’s stock after selling 1,394 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Park Hotels & Resorts were worth $43,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Park Hotels & Resorts by 5,253.1% during the first quarter. GAMMA Investing LLC now owns 56,422 shares of the financial services provider’s stock worth $603,000 after purchasing an additional 55,368 shares during the period. UMB Bank n.a. lifted its holdings in shares of Park Hotels & Resorts by 140.9% during the first quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 1,395 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Park Hotels & Resorts by 93.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 96,365 shares of the financial services provider’s stock worth $1,029,000 after purchasing an additional 46,615 shares during the period. Bfsg LLC lifted its holdings in shares of Park Hotels & Resorts by 44.2% during the first quarter. Bfsg LLC now owns 21,420 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 6,570 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Park Hotels & Resorts by 1.2% during the first quarter. State of Alaska Department of Revenue now owns 123,171 shares of the financial services provider’s stock worth $1,314,000 after purchasing an additional 1,430 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PK. Cantor Fitzgerald began coverage on Park Hotels & Resorts in a report on Wednesday, October 1st. They set a “neutral” rating and a $12.00 target price for the company. Morgan Stanley restated an “outperform” rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Wells Fargo & Company upgraded Park Hotels & Resorts to a “hold” rating in a research note on Friday, October 3rd. Citigroup downgraded Park Hotels & Resorts from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $13.00 to $12.00 in a research note on Tuesday, September 9th. Finally, UBS Group upped their target price on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.00.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $10.48 on Monday. The company has a market capitalization of $2.10 billion, a P/E ratio of 38.82 and a beta of 1.83. The business’s 50 day moving average is $11.35 and its two-hundred day moving average is $10.71. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.35. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.23.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The company had revenue of $672.00 million for the quarter, compared to the consensus estimate of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.Park Hotels & Resorts’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 earnings per share. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. Analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 9.5%. Park Hotels & Resorts’s dividend payout ratio is currently 370.37%.

Park Hotels & Resorts 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.