Vestcor Inc Trims Stake in Park Hotels & Resorts Inc. (NYSE:PK)

Vestcor Inc decreased its position in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 189,148 shares of the financial services provider’s stock after selling 14,304 shares during the period. Vestcor Inc’s holdings in Park Hotels & Resorts were worth $2,661,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in shares of Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 2,841 shares during the last quarter. KBC Group NV grew its position in Park Hotels & Resorts by 34.4% during the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,882 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Park Hotels & Resorts by 42.2% in the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 2,373 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Park Hotels & Resorts in the third quarter valued at about $116,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Park Hotels & Resorts during the fourth quarter worth about $141,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

PK has been the topic of several recent research reports. Wells Fargo & Company dropped their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Jefferies Financial Group dropped their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. UBS Group decreased their price target on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Finally, StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.15.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $11.35 on Friday. The stock has a market cap of $2.29 billion, a PE ratio of 11.23, a price-to-earnings-growth ratio of 1.51 and a beta of 2.02. Park Hotels & Resorts Inc. has a fifty-two week low of $10.87 and a fifty-two week high of $18.05. The firm’s fifty day simple moving average is $12.94 and its 200-day simple moving average is $14.06. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The company had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. Analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.81%. The ex-dividend date of this dividend is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is 99.01%.

Park Hotels & Resorts Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.