State of New Jersey Common Pension Fund D Decreases Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

State of New Jersey Common Pension Fund D lowered its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 8.6% during the 4th quarter, Holdings Channel reports. The firm owned 169,203 shares of the financial services provider’s stock after selling 15,946 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Park Hotels & Resorts were worth $2,589,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PK. FNY Investment Advisers LLC purchased a new stake in shares of Park Hotels & Resorts during the 4th quarter valued at about $42,000. Spire Wealth Management raised its position in shares of Park Hotels & Resorts by 20.1% during the 3rd quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock valued at $63,000 after buying an additional 860 shares in the last quarter. Covestor Ltd raised its position in shares of Park Hotels & Resorts by 31.5% during the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,340 shares in the last quarter. Signaturefd LLC raised its position in shares of Park Hotels & Resorts by 12.7% during the 4th quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after buying an additional 727 shares in the last quarter. Finally, L2 Asset Management LLC bought a new position in Park Hotels & Resorts during the 3rd quarter valued at about $130,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Park Hotels & Resorts Price Performance

Shares of PK stock opened at $16.13 on Wednesday. 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 company’s 50-day simple moving average is $16.96 and its two-hundred day simple moving average is $15.52. Park Hotels & Resorts Inc. has a one year low of $11.05 and a one year high of $18.05. The company has a market capitalization of $3.40 billion, a P/E ratio of 35.07, a P/E/G ratio of 0.85 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The firm had revenue of $657.00 million for the quarter, compared to the consensus estimate of $665.16 million. As a group, equities analysts anticipate that Park Hotels & Resorts Inc. will post 2.06 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.20%. Park Hotels & Resorts’s dividend payout ratio is presently 217.39%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a “hold” rating to a “buy” rating and upped their price target for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. Truist Financial upped their price target 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. Wells Fargo & Company upped their price target 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. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Finally, Citigroup upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and upped their price target for the company from $14.00 to $20.00 in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.58.

Park Hotels & Resorts Company Profile

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.