Park Hotels & Resorts (NYSE:PK) Shares Down 5.7% on Analyst Downgrade

Park Hotels & Resorts Inc. (NYSE:PK)’s stock price fell 5.7% during trading on Friday after Truist Financial lowered their price target on the stock from $18.00 to $16.00. Truist Financial currently has a buy rating on the stock. Park Hotels & Resorts traded as low as $10.89 and last traded at $10.92. 1,466,611 shares changed hands during trading, a decline of 48% from the average session volume of 2,836,484 shares. The stock had previously closed at $11.59.

A number of other analysts have also recently commented on PK. Jefferies Financial Group lowered their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. UBS Group decreased their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Wells Fargo & Company dropped their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 18th. Finally, StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Park Hotels & Resorts currently has an average rating of “Hold” and a consensus price target of $17.72.

Institutional Investors Weigh In On Park Hotels & Resorts

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in Park Hotels & Resorts during the fourth quarter worth $35,000. GF Fund Management CO. LTD. acquired a new position in shares of Park Hotels & Resorts in the fourth quarter worth about $53,000. Quadrant Capital Group LLC boosted its stake in shares of Park Hotels & Resorts by 38.4% during the 4th quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 1,335 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Park Hotels & Resorts by 42.2% during the 4th quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 2,373 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Park Hotels & Resorts during the 4th quarter valued at about $112,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Down 3.5 %

The stock has a market cap of $2.26 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 1.51 and a beta of 2.02. The company has a 50 day moving average of $12.73 and a two-hundred day moving average of $13.93. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. Sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 8.94%. Park Hotels & Resorts’s payout ratio is currently 99.01%.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.