Clearbridge Investments LLC Lowers Position in Park Hotels & Resorts Inc (NYSE:PK)

Clearbridge Investments LLC reduced its stake in shares of Park Hotels & Resorts Inc (NYSE:PK) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 453,393 shares of the financial services provider’s stock after selling 6,830 shares during the quarter. Clearbridge Investments LLC owned about 0.22% of Park Hotels & Resorts worth $14,091,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Marshall Wace LLP bought a new position in Park Hotels & Resorts in the first quarter valued at about $10,413,000. Meridian Wealth Management LLC acquired a new position in Park Hotels & Resorts in the first quarter valued at about $32,000. Riverhead Capital Management LLC lifted its stake in Park Hotels & Resorts by 28.4% in the first quarter. Riverhead Capital Management LLC now owns 165,550 shares of the financial services provider’s stock valued at $5,145,000 after buying an additional 36,650 shares during the period. Tyers Asset Management LLC lifted its stake in Park Hotels & Resorts by 28.6% in the first quarter. Tyers Asset Management LLC now owns 150,128 shares of the financial services provider’s stock valued at $4,666,000 after buying an additional 33,344 shares during the period. Finally, Hancock Whitney Corp raised its position in shares of Park Hotels & Resorts by 19.5% during the first quarter. Hancock Whitney Corp now owns 38,486 shares of the financial services provider’s stock worth $1,197,000 after purchasing an additional 6,293 shares during the period.

Shares of Park Hotels & Resorts stock traded up $0.20 during trading on Friday, reaching $27.12. 1,239,143 shares of the company’s stock were exchanged, compared to its average volume of 1,576,378. The stock has a market cap of $5.47 billion, a P/E ratio of 9.16, a P/E/G ratio of 2.35 and a beta of 1.26. Park Hotels & Resorts Inc has a 1-year low of $25.30 and a 1-year high of $34.27. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.57. The company has a 50-day simple moving average of $27.90.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Monday, May 6th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Park Hotels & Resorts had a return on equity of 7.38% and a net margin of 15.32%. The business had revenue of $659.00 million for the quarter, compared to analyst estimates of $655.79 million. During the same quarter in the previous year, the company posted $0.65 EPS. Park Hotels & Resorts’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc will post 2.94 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.45 dividend. The ex-dividend date is Thursday, June 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.64%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 60.81%.

A number of research analysts have weighed in on the company. TheStreet downgraded Weis Markets from a “b-” rating to a “c+” rating in a research note on Wednesday, June 5th. Capital One Financial assumed coverage on Summit Hotel Properties in a research note on Tuesday, June 25th. They issued an “equal weight” rating and a $13.00 price target for the company. Deutsche Bank reiterated a “hold” rating and set a GBX 1,775 ($23.19) target price on shares of in a research note on Wednesday, June 26th. Finally, Zacks Investment Research downgraded Haynes International from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $33.00.

Park Hotels & Resorts Company Profile

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.

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

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