Park Hotels & Resorts (NYSE:PK) Sets New 12-Month Low – Here’s What Happened

Shares of Park Hotels & Resorts Inc. (NYSE:PK) hit a new 52-week low during trading on Wednesday . The stock traded as low as $11.39 and last traded at $11.56, with a volume of 1989958 shares trading hands. The stock had previously closed at $11.72.

Analyst Upgrades and Downgrades

PK has been the topic of several analyst reports. UBS Group lowered their price target on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Wells Fargo & Company lowered their price target on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 18th. Jefferies Financial Group lowered their price target 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. Finally, StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Park Hotels & Resorts presently has an average rating of “Hold” and a consensus target price of $18.15.

Park Hotels & Resorts Price Performance

The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51. The stock’s 50 day simple moving average is $13.00 and its two-hundred day simple moving average is $14.09. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 11.23, a P/E/G ratio of 1.51 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly 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 return on equity of 5.63% and a net margin of 8.16%. The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. On average, analysts forecast that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 8.81%. Park Hotels & Resorts’s dividend payout ratio is currently 99.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Donald Smith & CO. Inc. lifted its holdings in shares of Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock valued at $129,446,000 after acquiring an additional 1,122,839 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Park Hotels & Resorts by 18.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after acquiring an additional 1,056,188 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Park Hotels & Resorts by 3.6% during the fourth quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider’s stock valued at $50,426,000 after acquiring an additional 125,730 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Park Hotels & Resorts by 18.4% during the third quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock valued at $49,182,000 after acquiring an additional 540,920 shares during the period. Finally, Norges Bank bought a new position in shares of Park Hotels & Resorts during the fourth quarter valued at $41,087,000. 92.69% of the stock is owned by 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.