Bank of New York Mellon Corp Reduces Holdings in Park Hotels & Resorts Inc. $PK

Bank of New York Mellon Corp lowered its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 10.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,194,721 shares of the financial services provider’s stock after selling 245,392 shares during the period. Bank of New York Mellon Corp’s holdings in Park Hotels & Resorts were worth $22,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PK. Strs Ohio acquired a new stake in Park Hotels & Resorts during the 1st quarter worth approximately $5,593,000. Parallel Advisors LLC increased its position in shares of Park Hotels & Resorts by 374.8% during the second quarter. Parallel Advisors LLC now owns 29,843 shares of the financial services provider’s stock worth $305,000 after acquiring an additional 23,558 shares during the period. Chicago Partners Investment Group LLC purchased a new stake in shares of Park Hotels & Resorts during the second quarter worth $113,000. Ethic Inc. raised its stake in shares of Park Hotels & Resorts by 179.5% in the second quarter. Ethic Inc. now owns 38,789 shares of the financial services provider’s stock valued at $408,000 after acquiring an additional 24,911 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Park Hotels & Resorts by 47.2% in the first quarter. Advisors Asset Management Inc. now owns 126,739 shares of the financial services provider’s stock valued at $1,354,000 after purchasing an additional 40,666 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Down 0.1%

PK opened at $10.45 on Friday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.04 and a current ratio of 1.04. Park Hotels & Resorts Inc. has a one year low of $8.27 and a one year high of $16.23. The company has a market cap of $2.09 billion, a P/E ratio of -149.26 and a beta of 1.84. The business’s 50-day simple moving average is $11.11 and its 200-day simple moving average is $10.87.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Thursday, October 30th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.08). The business had revenue of $610.00 million for the quarter, compared to analysts’ expectations of $617.05 million. Park Hotels & Resorts had a negative return on equity of 1.25% and a negative net margin of 0.47%.Park Hotels & Resorts’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.49 EPS. Park Hotels & Resorts has set its FY 2025 guidance at 1.850-1.970 EPS. As a group, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.6%. The ex-dividend date of this dividend is Wednesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is -1,428.57%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PK shares. Cantor Fitzgerald assumed coverage on Park Hotels & Resorts in a report on Wednesday, October 1st. They set a “neutral” rating and a $12.00 price target on the stock. UBS Group boosted their price objective on Park Hotels & Resorts from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Wells Fargo & Company upgraded shares of Park Hotels & Resorts to a “hold” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Park Hotels & Resorts in a report on Thursday. Finally, Citigroup cut shares of Park Hotels & Resorts from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $13.00 to $12.00 in a report on Tuesday, September 9th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $11.20.

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.