Retirement Systems of Alabama Lowers Stock Position in Park Hotels & Resorts Inc. (NYSE:PK)

Retirement Systems of Alabama trimmed its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 262,995 shares of the financial services provider’s stock after selling 6,371 shares during the period. Retirement Systems of Alabama owned approximately 0.13% of Park Hotels & Resorts worth $4,024,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PK shares. Truist Financial increased their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Citigroup upgraded Park Hotels & Resorts from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. Barclays raised their price target on Park Hotels & Resorts from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Wells Fargo & Company raised their price objective on Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Finally, UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, March 6th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.27.

Park Hotels & Resorts Trading Up 1.8 %

Park Hotels & Resorts stock opened at $16.39 on Tuesday. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market capitalization of $3.45 billion, a PE ratio of 37.24, a PEG ratio of 0.83 and a beta of 2.03. The business’s 50-day simple moving average is $16.98 and its 200-day simple moving average is $15.63.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.49 by $0.39. The company had revenue of $657.00 million for the quarter, compared to the consensus estimate of $665.16 million. Park Hotels & Resorts had a return on equity of 3.08% and a net margin of 3.42%. Equities research analysts forecast that Park Hotels & Resorts Inc. will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.10%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is currently 227.28%.

About Park Hotels & Resorts

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.