Park Hotels & Resorts Inc. (NYSE:PK) Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN decreased its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PKFree Report) by 53.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,025 shares of the financial services provider’s stock after selling 25,260 shares during the period. Patten & Patten Inc. TN’s holdings in Park Hotels & Resorts were worth $337,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Oak Thistle LLC acquired a new stake in shares of Park Hotels & Resorts during the fourth quarter worth about $435,000. Pacer Advisors Inc. lifted its position in Park Hotels & Resorts by 74.0% in the fourth quarter. Pacer Advisors Inc. now owns 31,566 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 13,428 shares during the period. Cooper Financial Group acquired a new stake in Park Hotels & Resorts in the fourth quarter valued at about $206,000. FNY Investment Advisers LLC acquired a new stake in Park Hotels & Resorts in the fourth quarter valued at about $42,000. Finally, Cascade Investment Advisors Inc. lifted its position in Park Hotels & Resorts by 1.1% in the fourth quarter. Cascade Investment Advisors Inc. now owns 66,222 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 725 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

PK has been the subject of a number of research analyst reports. Truist Financial increased their target price on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, March 14th. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday. Jefferies Financial Group raised shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and increased their target price for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. Wells Fargo & Company increased their target price on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. Finally, UBS Group increased their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average price target of $17.58.

Get Our Latest Stock Analysis on PK

Park Hotels & Resorts Trading Down 0.4 %

Shares of PK opened at $17.17 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $16.37 and a 200-day simple moving average of $14.87. Park Hotels & Resorts Inc. has a 1-year low of $11.05 and a 1-year high of $18.05. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 37.33, a price-to-earnings-growth ratio of 0.66 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PKGet Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.39. The business had revenue of $657.00 million during the quarter, compared to analysts’ expectations of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. Equities analysts forecast that Park Hotels & Resorts Inc. will post 2 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a $0.25 dividend. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.15. This represents a $1.00 annualized dividend and a yield of 5.82%. The ex-dividend date of this dividend is Wednesday, March 27th. Park Hotels & Resorts’s payout ratio is presently 217.39%.

Park Hotels & Resorts Company Profile

(Free Report)

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.

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Institutional Ownership by Quarter for Park Hotels & Resorts (NYSE:PK)

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