Teacher Retirement System of Texas cut its stake in shares of Park Hotels & Resorts Inc (NYSE:PK) by 14.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,299 shares of the financial services provider’s stock after selling 7,348 shares during the quarter. Teacher Retirement System of Texas’ holdings in Park Hotels & Resorts were worth $1,197,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Park Hotels & Resorts by 2,193.3% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,784 shares of the financial services provider’s stock worth $102,000 after buying an additional 3,619 shares in the last quarter. American International Group Inc. boosted its holdings in Park Hotels & Resorts by 170.0% in the fourth quarter. American International Group Inc. now owns 4,773 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 3,005 shares in the last quarter. Omnia Family Wealth LLC boosted its holdings in Park Hotels & Resorts by 172.1% in the fourth quarter. Omnia Family Wealth LLC now owns 5,025 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 3,178 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Park Hotels & Resorts in the fourth quarter valued at approximately $202,000. Finally, Comerica Bank acquired a new position in Park Hotels & Resorts in the first quarter valued at approximately $203,000.
In other news, EVP Matthew Abram Sparks sold 12,877 shares of the stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $29.87, for a total value of $384,635.99. Following the completion of the sale, the executive vice president now directly owns 46,931 shares of the company’s stock, valued at $1,401,828.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Thursday, May 3rd. The financial services provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.08. The business had revenue of $668.00 million during the quarter, compared to the consensus estimate of $646.90 million. Park Hotels & Resorts had a return on equity of 6.57% and a net margin of 15.31%. The company’s revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 earnings per share. research analysts predict that Park Hotels & Resorts Inc will post 2.8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 16th. Stockholders of record on Friday, June 29th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 5.54%. The ex-dividend date of this dividend is Thursday, June 28th. Park Hotels & Resorts’s payout ratio is currently 61.87%.
A number of equities analysts recently issued reports on the company. Goldman Sachs Group downgraded Park Hotels & Resorts from a “neutral” rating to a “sell” rating and lowered their price target for the company from $32.92 to $31.00 in a report on Sunday, June 10th. JPMorgan Chase & Co. downgraded Park Hotels & Resorts from an “overweight” rating to a “neutral” rating and set a $28.00 price target for the company. in a report on Tuesday, June 5th. Barclays upped their price target on Park Hotels & Resorts from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Friday, June 1st. Jefferies Financial Group assumed coverage on Park Hotels & Resorts in a report on Thursday, May 31st. They issued a “buy” rating and a $37.00 price target for the company. Finally, Zacks Investment Research raised Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Saturday, May 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $30.95.
Park Hotels & Resorts Company Profile
Park is a leading lodging REIT with a diverse portfolio of hotels and resorts with significant underlying real estate value. Park's portfolio consists of 55 premium-branded hotels and resorts with over 32,000 rooms located in prime United States and international markets with high barriers to entry.
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