Sound Income Strategies LLC Has $3.89 Million Holdings in Park Hotels & Resorts Inc. (NYSE:PK)

Sound Income Strategies LLC trimmed its stake in shares of Park Hotels & Resorts Inc. (NYSE:PK) by 68.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 276,568 shares of the financial services provider’s stock after selling 605,719 shares during the period. Sound Income Strategies LLC’s holdings in Park Hotels & Resorts were worth $3,891,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Merit Financial Group LLC acquired a new stake in Park Hotels & Resorts in the fourth quarter worth about $146,000. Oak Thistle LLC acquired a new stake in shares of Park Hotels & Resorts during the 4th quarter worth approximately $280,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Park Hotels & Resorts by 0.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock worth $1,128,000 after buying an additional 752 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Park Hotels & Resorts by 18.4% during the third quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after buying an additional 540,920 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Park Hotels & Resorts by 43.6% in the third quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after buying an additional 208,877 shares during the period. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. UBS Group increased their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Jefferies Financial Group reduced their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Bank of America lowered their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. Finally, Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.65.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $13.79 on Friday. The stock’s 50-day simple moving average is $14.68 and its 200 day simple moving average is $14.54. Park Hotels & Resorts Inc. has a 52-week low of $13.22 and a 52-week 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 company has a market cap of $2.85 billion, a P/E ratio of 8.78, a P/E/G ratio of 5.69 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $646.15 million. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, sell-side analysts forecast that Park Hotels & Resorts Inc. will post 1.97 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 18.86%. The ex-dividend date was Tuesday, December 31st. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

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.