Nomura Asset Management Co. Ltd. Sells 24,846 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Nomura Asset Management Co. Ltd. lessened its holdings in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 8.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 264,300 shares of the financial services provider’s stock after selling 24,846 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 0.13% of Park Hotels & Resorts worth $3,727,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Park Hotels & Resorts by 287.7% during the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after buying an additional 3,897,889 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in Park Hotels & Resorts by 286.9% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after acquiring an additional 1,925,850 shares during the last quarter. Donald Smith & CO. Inc. lifted its stake in Park Hotels & Resorts by 22.5% in the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after purchasing an additional 1,484,295 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Park Hotels & Resorts by 321.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,409,574 shares of the financial services provider’s stock worth $19,875,000 after purchasing an additional 1,075,255 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Park Hotels & Resorts by 345.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after purchasing an additional 802,939 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PK. UBS Group boosted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Wells Fargo & Company boosted their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Finally, Bank of America lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and a consensus price target of $18.32.

Park Hotels & Resorts Trading Down 0.7 %

PK opened at $15.28 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The stock’s 50 day moving average price is $14.68 and its 200-day moving average price is $14.70. Park Hotels & Resorts Inc. has a one year low of $13.23 and a one year high of $18.05. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 7.02 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). The business had revenue of $649.00 million for the quarter, compared to the consensus estimate of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 earnings per share. On average, equities analysts forecast that Park Hotels & Resorts Inc. will post 1.96 EPS for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 17.02%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is currently 63.69%.

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.