Park Hotels & Resorts (NYSE:PK) Reaches New 12-Month Low After Analyst Downgrade

Park Hotels & Resorts Inc. (NYSE:PK) shares hit a new 52-week low during trading on Monday after UBS Group lowered their price target on the stock from $15.00 to $13.00. UBS Group currently has a neutral rating on the stock. Park Hotels & Resorts traded as low as $13.02 and last traded at $12.85, with a volume of 13315 shares. The stock had previously closed at $13.49.

A number of other research analysts also recently issued reports on PK. Compass Point lowered their price target on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. StockNews.com upgraded shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Tuesday, January 28th. Jefferies Financial Group reduced their price target on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Bank of America lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Finally, Wells Fargo & Company lifted their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.45.

Hedge Funds Weigh In On Park Hotels & Resorts

Institutional investors have recently bought and sold shares of the business. Donald Smith & CO. Inc. increased its position in shares of Park Hotels & Resorts by 22.5% during the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock valued at $113,890,000 after purchasing an additional 1,484,295 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Park Hotels & Resorts by 321.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,409,574 shares of the financial services provider’s stock valued at $19,875,000 after acquiring an additional 1,075,255 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Park Hotels & Resorts by 345.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after acquiring an additional 802,939 shares during the period. Foundry Partners LLC purchased a new stake in shares of Park Hotels & Resorts in the third quarter valued at $9,238,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Park Hotels & Resorts by 18.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after acquiring an additional 540,920 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Performance

The stock has a market capitalization of $2.70 billion, a PE ratio of 8.35 and a beta of 2.00. The business’s 50 day moving average is $14.45 and its 200 day moving average is $14.46. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 19.84%. The ex-dividend date of this dividend was Tuesday, December 31st. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is 63.69%.

About Park Hotels & Resorts

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.