82,728 Shares in Park Hotels & Resorts Inc. (NYSE:PK) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 82,728 shares of the financial services provider’s stock, valued at approximately $1,228,000.

A number of other institutional investors have also recently added to or reduced their stakes in PK. Norges Bank acquired a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at approximately $41,087,000. Donald Smith & CO. Inc. increased its position in 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 acquiring an additional 1,122,839 shares during the period. National Bank of Canada FI bought a new stake in Park Hotels & Resorts during the 4th quarter valued at $14,890,000. Arrowstreet Capital Limited Partnership boosted its position in Park Hotels & Resorts by 18.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock worth $94,160,000 after acquiring an additional 1,056,188 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Park Hotels & Resorts by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after acquiring an additional 540,920 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK opened at $9.43 on Friday. The stock’s fifty day simple moving average is $11.65 and its 200 day simple moving average is $13.47. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 1.51 and a beta of 1.73. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. Park Hotels & Resorts Inc. has a 52-week low of $8.27 and a 52-week high of $17.63.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The company had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 10.61%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. UBS Group cut their price objective 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. Truist Financial reduced their price target 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. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $19.00 to $10.00 in a research note on Wednesday. Wells Fargo & Company cut their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Finally, StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average price target of $16.39.

Park Hotels & Resorts Company 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.