JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Park Hotels & Resorts (NYSE:PK) Stock

Park Hotels & Resorts (NYSE:PK) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $10.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 0.04% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 14th. Truist Financial decreased their price target on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday. Wells Fargo & Company cut their target price on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Monday, December 1st. Barclays started coverage on Park Hotels & Resorts in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 target price for the company. Finally, Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Trading Up 0.5%

PK stock traded up $0.06 during mid-day trading on Tuesday, reaching $11.00. The company’s stock had a trading volume of 1,104,525 shares, compared to its average volume of 4,025,901. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -157.03 and a beta of 1.45. Park Hotels & Resorts has a 12 month low of $8.27 and a 12 month high of $13.30. The business’s 50 day moving average price is $10.92 and its 200 day moving average price is $11.01. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.37.

Insiders Place Their Bets

In other news, Director Christie B. Kelly bought 2,949 shares of the stock in a transaction on Wednesday, January 14th. The stock was acquired at an average cost of $11.19 per share, for a total transaction of $32,999.31. Following the acquisition, the director owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This represents a 2.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Park Hotels & Resorts

Several institutional investors have recently made changes to their positions in PK. California State Teachers Retirement System lifted its holdings in shares of Park Hotels & Resorts by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 192,452 shares of the financial services provider’s stock valued at $1,969,000 after buying an additional 968 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Park Hotels & Resorts by 0.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 125,051 shares of the financial services provider’s stock valued at $1,386,000 after purchasing an additional 1,038 shares during the last quarter. Optas LLC grew its holdings in Park Hotels & Resorts by 12.8% during the 4th quarter. Optas LLC now owns 11,389 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,295 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Park Hotels & Resorts by 33.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,844 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 1,464 shares during the last quarter. Finally, Kera Capital Partners Inc. grew its position in Park Hotels & Resorts by 13.3% in the third quarter. Kera Capital Partners Inc. now owns 14,583 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 1,714 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.