Fisher Asset Management LLC Decreases Position in Park Hotels & Resorts Inc. (NYSE:PK)

Fisher Asset Management LLC lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 13.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,535,716 shares of the financial services provider’s stock after selling 234,182 shares during the period. Fisher Asset Management LLC owned 0.73% of Park Hotels & Resorts worth $23,496,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Park Hotels & Resorts by 1.1% during the third quarter. Vanguard Group Inc. now owns 33,109,654 shares of the financial services provider’s stock worth $407,911,000 after purchasing an additional 347,812 shares during the period. Donald Smith & CO. Inc. lifted its holdings in Park Hotels & Resorts by 36.0% in the fourth quarter. Donald Smith & CO. Inc. now owns 6,529,666 shares of the financial services provider’s stock valued at $99,904,000 after acquiring an additional 1,728,921 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Park Hotels & Resorts by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,728,048 shares of the financial services provider’s stock valued at $33,610,000 after acquiring an additional 72,959 shares during the last quarter. Private Management Group Inc. grew its position in Park Hotels & Resorts by 16.6% in the third quarter. Private Management Group Inc. now owns 2,212,651 shares of the financial services provider’s stock worth $27,260,000 after acquiring an additional 314,386 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Park Hotels & Resorts by 3,694.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,355,522 shares of the financial services provider’s stock worth $20,739,000 after acquiring an additional 1,319,800 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PK. Citigroup upgraded shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $20.00 in a report on Friday, March 22nd. UBS Group raised their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, March 6th. StockNews.com upgraded shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Truist Financial raised their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. Finally, Barclays upped their target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus price target of $17.27.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $16.09 on Monday. Park Hotels & Resorts Inc. has a 52-week low of $11.05 and a 52-week high of $18.05. The stock’s 50-day moving average price is $16.97 and its 200 day moving average price is $15.60. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $3.39 billion, a PE ratio of 36.57, a price-to-earnings-growth ratio of 0.83 and a beta of 2.03.

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

Park Hotels & Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.22%. Park Hotels & Resorts’s dividend payout ratio is currently 227.28%.

Park Hotels & Resorts 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.