Park Hotels & Resorts Inc. (NYSE:PK) director Garrett Geoffrey recently sold 1,255 shares of company stock, as indicated by the latest filings with the Securities and Exchange Commission. The shares were sold on May 9, 2024, at a weighted average price of $15.8616, with the total transaction amounting to over $19,906.
The transactions were executed in multiple parts, with prices ranging from $15.861 to $15.865 per share. Following the sale, Geoffrey's direct holdings in Park Hotels & Resorts Inc. have decreased to 39,190 shares. The exact number of shares sold at each price within the specified range is available upon request from the reporting person to the issuer, any security holder of the issuer, or the SEC staff.
The sale by the director is part of the routine disclosures that corporate insiders are required to make when buying or selling shares of their own companies. These transactions provide investors with insights into the actions of company executives and directors, which can sometimes be a signal of their confidence in the company's future prospects.
Park Hotels & Resorts Inc. is a company specializing in the hotel and motel industry, with a focus on the real estate and construction sector. The company, formerly known as Hilton Worldwide, Inc., is incorporated in Delaware and has its business headquarters in Tysons, Virginia.
Investors and stakeholders in Park Hotels & Resorts Inc. can monitor these insider transactions as part of their ongoing assessment of the investment landscape. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol PK.
InvestingPro Insights
As insiders like director Garrett Geoffrey engage in stock transactions, market participants often look for underlying trends that could indicate the company's trajectory. Park Hotels & Resorts Inc. (NYSE:PK), a notable entity in the hotel and resort REITs industry, has recently seen significant insider trading activity. To provide a more comprehensive view of the company's financial health and market position, here are some key metrics and insights from InvestingPro:
With a market capitalization of $3.31 billion, Park Hotels & Resorts Inc. is trading at a high earnings multiple with a P/E ratio of 36.92, which further stretches to 52.15 when adjusted for the last twelve months as of Q1 2024. This suggests that investors may be expecting higher earnings growth in the future, which aligns with the InvestingPro Tips indicating that analysts predict the company will be profitable this year and has been profitable over the last twelve months. Additionally, the company's liquid assets exceed its short-term obligations, which is a positive sign of financial stability.
Despite a modest revenue growth of 0.26% in the last twelve months as of Q1 2024, the company has experienced a price uptick of 36.38% over the last six months, indicating a strong market sentiment. This is further corroborated by the one-year price total return of 37.91%, signaling investor confidence in the company's performance. Moreover, with a dividend yield of 6.27%, Park Hotels & Resorts Inc. offers an attractive return for income-seeking investors.
For those interested in deeper analysis, there are additional InvestingPro Tips available that could further guide investment decisions. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights. Visit https://www.investing.com/pro/PK to discover the full range of tips, including share buyback strategies and stock volatility considerations, which are crucial for a well-rounded investment approach.
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