Sound Income Strategies LLC Acquires 60,648 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Sound Income Strategies LLC boosted its holdings in Park Hotels & Resorts Inc. (NYSE:PK) by 9.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 720,256 shares of the financial services provider’s stock after purchasing an additional 60,648 shares during the quarter. Sound Income Strategies LLC’s holdings in Park Hotels & Resorts were worth $12,597,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. bought a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $35,000. FNY Investment Advisers LLC bought a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $42,000. Covestor Ltd lifted its position in shares of Park Hotels & Resorts by 31.5% during the 3rd quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,340 shares in the last quarter. Signaturefd LLC lifted its position 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 worth $98,000 after buying an additional 727 shares in the last quarter. Finally, Wedmont Private Capital lifted its position 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 worth $201,000 after buying an additional 1,117 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

Park Hotels & Resorts stock traded down $0.03 during mid-day trading on Wednesday, reaching $14.70. The company’s stock had a trading volume of 1,937,476 shares, compared to its average volume of 2,748,270. The firm’s fifty day moving average price is $15.76 and its two-hundred day moving average price is $16.14. The company has a market capitalization of $3.09 billion, a P/E ratio of 33.30, a PEG ratio of 0.72 and a beta of 2.01. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.48 and a current ratio of 1.48. Park Hotels & Resorts Inc. has a 12-month low of $11.05 and a 12-month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly 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). The firm had revenue of $639.00 million for the quarter, compared to analysts’ expectations of $630.46 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. Sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.81%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 227.28%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PK shares. Wedbush reaffirmed a “neutral” rating and issued a $17.00 price target on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Wells Fargo & Company lifted their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Citigroup raised shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $20.00 in a report on Friday, March 22nd. StockNews.com raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Finally, Truist Financial lowered their price target on shares of Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus target price of $17.83.

Park Hotels & Resorts 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.