Russell Investments Group Ltd. Has $16.24 Million Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Russell Investments Group Ltd. increased its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 303.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,154,251 shares of the financial services provider’s stock after buying an additional 868,061 shares during the quarter. Russell Investments Group Ltd. owned 0.56% of Park Hotels & Resorts worth $16,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Donald Smith & CO. Inc. boosted its holdings in shares of Park Hotels & Resorts by 13.9% in the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock valued at $129,446,000 after buying an additional 1,122,839 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Park Hotels & Resorts by 18.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after acquiring an additional 1,056,188 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Park Hotels & Resorts by 3.6% during the 4th quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider’s stock worth $50,426,000 after purchasing an additional 125,730 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Park Hotels & Resorts by 18.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock valued at $49,182,000 after purchasing an additional 540,920 shares during the period. Finally, Norges Bank acquired a new stake in Park Hotels & Resorts in the 4th quarter valued at about $41,087,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. Wells Fargo & Company decreased their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Truist Financial cut their target price on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. UBS Group decreased their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Finally, Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their price objective for the stock from $19.00 to $10.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.39.

Park Hotels & Resorts Price Performance

Shares of NYSE PK opened at $10.08 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $17.63. The company’s 50-day moving average is $11.73 and its 200 day moving average is $13.51. The stock has a market capitalization of $2.03 billion, a P/E ratio of 9.98, a P/E/G ratio of 1.51 and a beta of 1.73.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. The firm had revenue of $625.00 million during the quarter, compared to the consensus estimate of $609.05 million. On average, sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.92%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

About Park Hotels & Resorts

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.