Donald Smith & CO. Inc. Sells 362,371 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Donald Smith & CO. Inc. lowered its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 5.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,592,991 shares of the financial services provider’s stock after selling 362,371 shares during the period. Park Hotels & Resorts makes up 2.5% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 16th biggest holding. Donald Smith & CO. Inc. owned about 3.13% of Park Hotels & Resorts worth $98,763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Quantbot Technologies LP grew its position in Park Hotels & Resorts by 95.7% in the 2nd quarter. Quantbot Technologies LP now owns 367,900 shares of the financial services provider’s stock valued at $5,511,000 after purchasing an additional 179,884 shares during the period. Dimensional Fund Advisors LP lifted its position in Park Hotels & Resorts by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock valued at $46,638,000 after acquiring an additional 115,391 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Park Hotels & Resorts by 7.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 324,774 shares of the financial services provider’s stock valued at $4,865,000 after purchasing an additional 21,994 shares during the last quarter. Federated Hermes Inc. increased its holdings in Park Hotels & Resorts by 12.2% during the 2nd quarter. Federated Hermes Inc. now owns 152,516 shares of the financial services provider’s stock worth $2,285,000 after purchasing an additional 16,591 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its stake in shares of Park Hotels & Resorts by 286.9% in the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock worth $38,904,000 after purchasing an additional 1,925,850 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PK shares. UBS Group decreased their price target on Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Evercore ISI dropped their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Wedbush reaffirmed a “neutral” rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Barclays lifted their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Finally, Wells Fargo & Company reduced their price objective on Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a research note on Friday. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.96.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $14.04 on Monday. The firm has a market cap of $2.93 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 0.66 and a beta of 2.02. The company’s 50 day moving average is $14.51 and its 200-day moving average is $15.63. Park Hotels & Resorts Inc. has a 12-month low of $11.05 and a 12-month high of $18.05. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The firm had revenue of $686.00 million during the quarter, compared to the consensus estimate of $694.94 million. Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. Sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 7.12%. Park Hotels & Resorts’s payout ratio is currently 227.28%.

About Park Hotels & Resorts

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.