Goldman Sachs Group Inc. Sells 1,834,308 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Goldman Sachs Group Inc. trimmed its position in Park Hotels & Resorts Inc. (NYSE:PK) by 18.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,330,199 shares of the financial services provider’s stock after selling 1,834,308 shares during the period. Goldman Sachs Group Inc.’s holdings in Park Hotels & Resorts were worth $127,452,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PK. Raleigh Capital Management Inc. bought a new position in Park Hotels & Resorts in the fourth quarter valued at $35,000. FNY Investment Advisers LLC acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth about $42,000. Covestor Ltd grew its holdings in shares of Park Hotels & Resorts by 31.5% in the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,340 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Park Hotels & Resorts by 12.7% in the 4th quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after acquiring an additional 727 shares in the last quarter. Finally, Cooper Financial Group acquired a new stake in shares of Park Hotels & Resorts in the fourth quarter valued at about $206,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PK shares. Truist Financial cut their price objective on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Wells Fargo & Company raised their price objective on shares of 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. UBS Group increased their target price on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. Citigroup upgraded Park Hotels & Resorts from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. Finally, Evercore ISI upgraded Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $19.00 to $20.00 in a research report on Wednesday, May 15th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $17.83.

Park Hotels & Resorts Price Performance

NYSE PK traded down $0.39 on Friday, hitting $14.68. 2,830,530 shares of the company’s stock were exchanged, compared to its average volume of 2,502,499. The stock has a 50-day moving average of $16.09 and a 200-day moving average of $16.12. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 33.36, a P/E/G ratio of 0.73 and a beta of 2.01. Park Hotels & Resorts Inc. has a 52 week low of $11.05 and a 52 week high of $18.05. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.20.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.17). Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. The business had revenue of $639.00 million during the quarter, compared to analyst estimates of $630.46 million. Analysts expect that Park Hotels & Resorts Inc. will post 2.11 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. Investors 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 yield of 6.81%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is 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.