Park Hotels & Resorts (NYSE:PK) Reaches New 52-Week Low – Here’s What Happened

Shares of Park Hotels & Resorts Inc. (NYSE:PK) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $10.84 and last traded at $10.90, with a volume of 2032511 shares traded. The stock had previously closed at $11.15.

Analysts Set New Price Targets

Several equities analysts have recently commented on PK shares. Wells Fargo & Company decreased 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. Jefferies Financial Group decreased their price objective on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. Truist Financial decreased their price target on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Finally, UBS Group dropped their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.72.

Park Hotels & Resorts Stock Performance

The stock’s fifty day moving average price is $12.48 and its two-hundred day moving average price is $13.83. The company has a market cap of $2.20 billion, a P/E ratio of 10.79, a P/E/G ratio of 1.51 and a beta of 2.02. 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 issued its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. As a group, equities analysts predict that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current 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. This represents a $1.00 annualized dividend and a dividend yield of 9.18%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

Hedge Funds Weigh In On Park Hotels & Resorts

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

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.