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

Donald Smith & CO. Inc. lessened its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 about 2.5% of Donald Smith & CO. Inc.’s holdings, making the stock its 16th biggest holding. Donald Smith & CO. Inc.’s holdings in Park Hotels & Resorts were worth $98,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Park Hotels & Resorts from $17.00 to $14.50 and set an “equal weight” rating for the company in a report on Friday. Evercore ISI cut their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Wedbush restated a “neutral” rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Truist Financial dropped their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Finally, UBS Group reduced their target price on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts presently has an average rating of “Hold” and a consensus price target of $16.96.

Park Hotels & Resorts Stock Performance

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

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (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 analysts’ expectations of $694.94 million. Park Hotels & Resorts had a return on equity of 8.77% and a net margin of 11.50%. Research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal 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 paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.12%. Park Hotels & Resorts’s dividend payout ratio (DPR) 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.