Sycomore Asset Management Sells 30,100 Shares of Park Hotels & Resorts Inc (NYSE:PK)

Sycomore Asset Management lessened its holdings in Park Hotels & Resorts Inc (NYSE:PK) by 13.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 189,900 shares of the financial services provider’s stock after selling 30,100 shares during the quarter. Park Hotels & Resorts accounts for approximately 2.4% of Sycomore Asset Management’s investment portfolio, making the stock its 16th biggest position. Sycomore Asset Management owned about 0.09% of Park Hotels & Resorts worth $4,500,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Strs Ohio raised its stake in Park Hotels & Resorts by 10.7% in the third quarter. Strs Ohio now owns 295,288 shares of the financial services provider’s stock valued at $7,373,000 after purchasing an additional 28,501 shares in the last quarter. Stephens Inc. AR raised its stake in Park Hotels & Resorts by 9.2% during the third quarter. Stephens Inc. AR now owns 151,168 shares of the financial services provider’s stock worth $3,775,000 after acquiring an additional 12,799 shares in the last quarter. Robecosam AG raised its stake in Park Hotels & Resorts by 8.6% during the third quarter. Robecosam AG now owns 6,300 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 500 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Park Hotels & Resorts by 18.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,932 shares of the financial services provider’s stock worth $1,521,000 after acquiring an additional 9,677 shares in the last quarter. Finally, Oakbrook Investments LLC acquired a new position in Park Hotels & Resorts during the third quarter worth about $325,000.

PK has been the subject of several recent research reports. Evercore ISI raised Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and lowered their price objective for the company from $33.00 to $31.00 in a research note on Thursday, September 12th. Barclays reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, September 27th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $23.00 price objective on shares of Park Hotels & Resorts in a research note on Tuesday, September 24th. UBS Group set a $24.00 price objective on Park Hotels & Resorts and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Zacks Investment Research downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $28.83.

PK stock traded up $0.43 during trading on Monday, hitting $23.18. The company had a trading volume of 42,271 shares, compared to its average volume of 2,749,837. The business has a 50-day moving average of $24.47 and a 200-day moving average of $27.31. Park Hotels & Resorts Inc has a one year low of $22.38 and a one year high of $33.02. The stock has a market cap of $4.59 billion, a PE ratio of 7.83, a PEG ratio of 2.01 and a beta of 1.33. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.56.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, July 31st. The financial services provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.42). Park Hotels & Resorts had a net margin of 10.52% and a return on equity of 5.06%. The company had revenue of $703.00 million during the quarter, compared to the consensus estimate of $694.08 million. During the same quarter in the previous year, the company earned $0.93 earnings per share. The business’s revenue was down 3.8% on a year-over-year basis. Research analysts forecast that Park Hotels & Resorts Inc will post 2.86 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.77%. The ex-dividend date of this dividend was Friday, September 27th. Park Hotels & Resorts’s payout ratio is presently 60.81%.

Park Hotels & Resorts 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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