Park Hotels & Resorts (NYSE:PK) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Park Hotels & Resorts (NYSE:PK) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports. The firm currently has $22.00 price objective on the financial services provider’s stock.

According to Zacks, “Park Hotels & Resorts Inc. is a lodging Real Estate Company. The company operates luxury hotels and resorts in USA and international market. Park Hotels & Resorts Inc. is based in Mc Lean, Virginia. “

Several other brokerages have also recently weighed in on PK. Citigroup dropped their target price on Park Hotels & Resorts from $23.00 to $21.00 and set a neutral rating for the company in a report on Wednesday, October 6th. Truist increased their target price on Park Hotels & Resorts from $18.00 to $22.00 and gave the company a hold rating in a report on Friday, December 3rd. The Goldman Sachs Group lowered Park Hotels & Resorts from a neutral rating to a sell rating and lowered their price target for the company from $20.00 to $18.00 in a research report on Tuesday, December 14th. Truist Securities upped their price target on Park Hotels & Resorts from $18.00 to $22.00 and gave the company a hold rating in a research report on Friday, December 3rd. Finally, Wells Fargo & Company lowered Park Hotels & Resorts from an overweight rating to an equal weight rating in a research report on Monday, October 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $22.13.

Shares of NYSE PK opened at $19.44 on Wednesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 3.24 and a current ratio of 3.24. The stock’s 50-day simple moving average is $18.75 and its two-hundred day simple moving average is $18.92. Park Hotels & Resorts has a twelve month low of $15.77 and a twelve month high of $24.67.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, November 3rd. The financial services provider reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.37). Park Hotels & Resorts had a negative return on equity of 13.16% and a negative net margin of 59.47%. The firm had revenue of $423.00 million during the quarter, compared to analysts’ expectations of $416.88 million. During the same quarter in the previous year, the company posted ($0.63) earnings per share. On average, equities analysts anticipate that Park Hotels & Resorts will post -0.64 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in PK. Envestnet Asset Management Inc. increased its position in Park Hotels & Resorts by 8.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 23,075 shares of the financial services provider’s stock valued at $476,000 after buying an additional 1,873 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Park Hotels & Resorts by 3.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 19,438 shares of the financial services provider’s stock valued at $401,000 after buying an additional 630 shares in the last quarter. Rafferty Asset Management LLC increased its position in Park Hotels & Resorts by 89.8% during the 2nd quarter. Rafferty Asset Management LLC now owns 23,541 shares of the financial services provider’s stock valued at $485,000 after buying an additional 11,137 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Park Hotels & Resorts by 14.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 179,565 shares of the financial services provider’s stock valued at $3,701,000 after buying an additional 22,992 shares in the last quarter. Finally, Ethic Inc. bought a new position in Park Hotels & Resorts during the 2nd quarter valued at approximately $236,000. 85.68% of the stock is owned by hedge funds and other institutional investors.

About Park Hotels & Resorts

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.

See Also: Environmental, Social, and Governance (ESG) Investing

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Analyst Recommendations for Park Hotels & Resorts (NYSE:PK)

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