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

Park Hotels & Resorts Inc. (NYSE:PK)’s stock price was down 5.7% 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. Approximately 1,466,611 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,836,484 shares. The stock had previously closed at $11.59.

Several other research firms have also commented on PK. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Wells Fargo & Company reduced their price target on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. 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 report on Thursday, January 2nd. Finally, UBS Group reduced their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PK. Victory Capital Management Inc. boosted its stake in Park Hotels & Resorts by 21.5% in the 3rd quarter. Victory Capital Management Inc. now owns 109,002 shares of the financial services provider’s stock worth $1,537,000 after purchasing an additional 19,273 shares during the period. KBC Group NV boosted its position in shares of Park Hotels & Resorts by 34.4% during the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,882 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Park Hotels & Resorts by 28.1% during the 3rd quarter. Intech Investment Management LLC now owns 136,310 shares of the financial services provider’s stock valued at $1,922,000 after acquiring an additional 29,894 shares during the last quarter. Foundry Partners LLC bought a new position in shares of Park Hotels & Resorts during the 3rd quarter valued at approximately $9,238,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Park Hotels & Resorts by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock valued at $40,928,000 after acquiring an additional 66,093 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Down 4.9 %

The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $2.22 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.51 and a beta of 2.02. The business has a 50-day moving average price of $12.78 and a 200 day moving average price of $13.97.

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

Park Hotels & Resorts Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 annualized dividend and a yield of 9.08%. Park Hotels & Resorts’s payout ratio is presently 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.