Park Hotels & Resorts Inc. (NYSE:PK) Short Interest Update

Park Hotels & Resorts Inc. (NYSE:PK) saw a significant drop in short interest in December. As of December 15th, there was short interest totalling 16,280,000 shares, a drop of 19.6% from the November 30th total of 20,260,000 shares. Approximately 8.1% of the company’s shares are short sold. Based on an average daily volume of 3,110,000 shares, the days-to-cover ratio is presently 5.2 days.

Hedge Funds Weigh In On Park Hotels & Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new stake in Park Hotels & Resorts in the third quarter valued at $33,000. Venturi Wealth Management LLC raised its position in Park Hotels & Resorts by 281.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,841 shares during the last quarter. Quarry LP lifted its stake in Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,857 shares in the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts during the 3rd quarter worth $69,000. Finally, Covestor Ltd grew its stake in shares of Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 2,711 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

Shares of NYSE PK traded down $0.21 during mid-day trading on Monday, reaching $14.71. The company had a trading volume of 4,722,692 shares, compared to its average volume of 2,820,048. The business’s 50-day simple moving average is $14.84 and its 200 day simple moving average is $14.66. Park Hotels & Resorts has a one year low of $13.23 and a one year high of $18.05. 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 firm has a market cap of $3.04 billion, a price-to-earnings ratio of 9.37, a PEG ratio of 6.90 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same period in the previous year, the company earned $0.51 EPS. Park Hotels & Resorts’s revenue for the quarter was down 4.4% on a year-over-year basis. On average, research analysts predict that Park Hotels & Resorts will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.65 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 17.68%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is 63.69%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Bank of America reduced their price objective on 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. Truist Financial dropped their target price 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. Compass Point decreased their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Wells Fargo & Company increased their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $18.55.

Park Hotels & Resorts Company 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.