Park Hotels & Resorts Inc. $PK Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. lowered its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 42.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,937 shares of the financial services provider’s stock after selling 88,517 shares during the quarter. QRG Capital Management Inc. owned about 0.06% of Park Hotels & Resorts worth $1,318,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Parvin Asset Management LLC acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter worth approximately $26,000. Bessemer Group Inc. lifted its stake in Park Hotels & Resorts by 359.3% during the second quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 2,411 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Park Hotels & Resorts by 469.0% during the second quarter. IFP Advisors Inc now owns 3,465 shares of the financial services provider’s stock worth $35,000 after buying an additional 2,856 shares during the period. Allworth Financial LP grew its stake in shares of Park Hotels & Resorts by 322.4% in the second quarter. Allworth Financial LP now owns 3,920 shares of the financial services provider’s stock valued at $40,000 after buying an additional 2,992 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Park Hotels & Resorts by 71.7% in the second quarter. GAMMA Investing LLC now owns 9,072 shares of the financial services provider’s stock valued at $93,000 after buying an additional 3,789 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Stock Down 1.3%

PK stock opened at $11.28 on Wednesday. The company’s 50 day moving average price is $10.77 and its 200 day moving average price is $11.00. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -161.07 and a beta of 1.44. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $13.90. 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 (NYSE:PK) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.08). Park Hotels & Resorts had a negative return on equity of 1.25% and a negative net margin of 0.47%.The firm had revenue of $610.00 million for the quarter, compared to analyst estimates of $617.05 million. During the same quarter last year, the firm earned $0.49 EPS. The company’s revenue was down 6.0% on a year-over-year basis. Park Hotels & Resorts has set its FY 2025 guidance at 1.850-1.970 EPS. On average, equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.25 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.00 dividend on an annualized basis and a yield of 8.9%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently -1,428.57%.

Analysts Set New Price Targets

PK has been the subject of a number of research analyst reports. Weiss Ratings cut Park Hotels & Resorts from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, January 12th. Morgan Stanley set a $10.00 price target on shares of Park Hotels & Resorts in a research report on Friday. Barclays started coverage on shares of Park Hotels & Resorts in a report on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 price objective for the company. Zacks Research lowered shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 14th. Finally, Truist Financial boosted their price target on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the stock a “hold” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $11.27.

Insider Transactions at Park Hotels & Resorts

In other Park Hotels & Resorts news, Director Christie B. Kelly acquired 2,949 shares of the stock in a transaction dated Wednesday, January 14th. The stock was acquired at an average cost of $11.19 per share, with a total value of $32,999.31. Following the transaction, the director owned 150,501 shares in the company, valued at $1,684,106.19. The trade was a 2.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is owned by company insiders.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.