Sound Income Strategies LLC Raises Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Sound Income Strategies LLC boosted its position in Park Hotels & Resorts Inc. (NYSE:PK) by 9.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 720,256 shares of the financial services provider’s stock after acquiring an additional 60,648 shares during the quarter. Sound Income Strategies LLC owned 0.34% of Park Hotels & Resorts worth $12,597,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cascade Investment Advisors Inc. raised its holdings in shares of Park Hotels & Resorts by 1.1% in the 4th quarter. Cascade Investment Advisors Inc. now owns 66,222 shares of the financial services provider’s stock worth $1,013,000 after purchasing an additional 725 shares during the period. Signaturefd LLC raised its holdings in shares of Park Hotels & Resorts by 12.7% during the 4th quarter. Signaturefd LLC now owns 6,437 shares of the financial services provider’s stock valued at $98,000 after buying an additional 727 shares during the period. Truist Financial Corp raised its holdings in shares of Park Hotels & Resorts by 3.8% during the 4th quarter. Truist Financial Corp now owns 22,335 shares of the financial services provider’s stock valued at $342,000 after buying an additional 816 shares during the period. Treasurer of the State of North Carolina raised its holdings in shares of Park Hotels & Resorts by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 94,701 shares of the financial services provider’s stock valued at $1,449,000 after buying an additional 920 shares during the period. Finally, Wedmont Private Capital raised its holdings in shares of Park Hotels & Resorts by 10.8% during the 1st quarter. Wedmont Private Capital now owns 11,418 shares of the financial services provider’s stock valued at $201,000 after buying an additional 1,117 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

PK has been the topic of several analyst reports. Wells Fargo & Company lifted their price objective on Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. StockNews.com upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Citigroup upgraded Park Hotels & Resorts from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $20.00 in a report on Friday, March 22nd. UBS Group boosted their price objective on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 6th. Finally, Evercore ISI raised Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $19.00 to $20.00 in a research note on Wednesday, May 15th. Seven research 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, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus target price of $17.83.

Park Hotels & Resorts Stock Down 0.2 %

NYSE PK traded down $0.03 on Wednesday, reaching $14.70. The stock had a trading volume of 1,937,476 shares, compared to its average volume of 2,748,270. The business has a 50 day moving average price of $15.76 and a 200 day moving average price of $16.14. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.20. Park Hotels & Resorts Inc. has a 1 year low of $11.05 and a 1 year high of $18.05. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 33.30, a P/E/G ratio of 0.72 and a beta of 2.01.

Park Hotels & Resorts (NYSE:PK) last issued its earnings results on Tuesday, April 30th. The financial services provider reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.17). Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. The firm had revenue of $639.00 million during the quarter, compared to analysts’ expectations of $630.46 million. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.81%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 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.