Park Avenue Securities Reduces Stake in Host Hotels & Resorts
Park Avenue Securities LLC has decreased its holdings in Host Hotels & Resorts, Inc. (NASDAQ:HST) by 7.7% during the second quarter of 2023, according to a recent 13F filing with the Securities and Exchange Commission. The firm owned 22,305 shares of Host Hotels at the end of the reporting period, a reduction of 1,855 shares from the previous quarter, bringing the total value of its investment to approximately $343,000.
Other institutional investors have also adjusted their positions in Host Hotels & Resorts. Invesco Ltd. increased its stake by 11.1% in the first quarter, acquiring an additional 2,503,550 shares to reach a total of 25,058,995 shares, valued at around $356 million. Centersquare Investment Management LLC raised its position by 1.7%, now holding 11,235,809 shares worth $159.7 million. Additionally, UBS Asset Management increased its stake by 3.1% to 7,553,946 shares, valued at $107.3 million. Goldman Sachs Group Inc. also boosted its holdings significantly by 24.3%, now owning 5,209,534 shares valued at $74 million.
Overall, 98.52% of Host Hotels’ stock is owned by various hedge funds and institutional investors.
Analyst Ratings and Market Performance
Several financial institutions have recently updated their ratings on Host Hotels & Resorts. On June 23, JPMorgan Chase & Co. initiated coverage with a “neutral” rating and a price target of $16.00. Meanwhile, Truist Financial raised its price target from $17.00 to $19.00 while maintaining a “hold” rating. Wells Fargo & Company also increased its target from $18.00 to $19.00 with an “overweight” rating.
Analysts at Evercore ISI set a new price target of $20.00, highlighting an “outperform” rating, while UBS Group revised its target from $17.00 to $18.00 with a “neutral” rating. A total of six analysts have issued “buy” ratings for the stock, while five have issued “hold” ratings. Currently, MarketBeat reports that Host Hotels & Resorts has a consensus rating of “Moderate Buy” with an average target price of $17.77.
Host Hotels & Resorts experienced a decline, with shares opening at $17.02 on Wednesday. The company boasts a market capitalization of $11.70 billion, a price-to-earnings ratio of 18.11, and a beta of 1.36. Over the past year, the stock has fluctuated between a low of $12.22 and a high of $19.36. The company’s 50-day simple moving average is $16.71, while the 200-day moving average stands at $15.61.
Recent Earnings and Dividend Announcement
In its most recent quarterly earnings report released on July 30, 2023, Host Hotels reported an earnings per share (EPS) of $0.58, surpassing analysts’ expectations of $0.51 by $0.07. The firm generated revenue of $1.59 billion, exceeding the consensus estimate of $1.51 billion. The company recorded a net margin of 11.12% and a return on equity of 9.90%, reflecting an 8.2% year-over-year revenue growth. The company plans to guide for fiscal year 2025 EPS in the range of $1.980 to $2.020.
Additionally, Host Hotels recently announced a quarterly dividend of $0.20 per share, set to be paid on October 15, 2023. Investors of record on September 30, 2023, will receive this dividend, translating to an annualized payout of $0.80 per share and a yield of 4.7%. The company’s payout ratio currently stands at 85.11%.
Host Hotels & Resorts, based in Bethesda, MD, is a real estate investment trust specializing in the management of luxury and upper-upscale hotels across various geographical segments, including the United States, Brazil, and Canada. Founded in 1927, the company continues to adapt to changing market conditions while maintaining a robust investment portfolio.
