Morgan Stanley Lowers Park Hotels & Resorts (NYSE:PK) Price Target to $10.00

Park Hotels & Resorts (NYSE:PK) had its price target reduced by Morgan Stanley from $12.00 to $10.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, April 10th. Truist Financial lowered their price objective on Park Hotels & Resorts from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, March 21st. UBS Group cut their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note 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 for the company in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group downgraded shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their price objective for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $15.75.

Park Hotels & Resorts Price Performance

PK opened at $9.80 on Tuesday. Park Hotels & Resorts has a 12-month low of $8.27 and a 12-month high of $16.95. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 9.70, a price-to-earnings-growth ratio of 1.51 and a beta of 1.73. 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 fifty day simple moving average of $11.13 and a two-hundred day simple moving average of $13.21.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $609.05 million. Research analysts predict that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.21%. Park Hotels & Resorts’s dividend payout ratio is presently 99.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northeast Financial Group Inc. raised its stake in Park Hotels & Resorts by 34.4% during the 4th quarter. Northeast Financial Group Inc. now owns 124,674 shares of the financial services provider’s stock valued at $1,754,000 after buying an additional 31,928 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Park Hotels & Resorts by 18.4% in the third 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 period. Franklin Resources Inc. increased its position in Park Hotels & Resorts by 43.6% during the third quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after acquiring an additional 208,877 shares during the last quarter. Oak Thistle LLC bought a new position in Park Hotels & Resorts in the fourth quarter valued at about $280,000. Finally, MML Investors Services LLC boosted its position in Park Hotels & Resorts by 55.1% in the third quarter. MML Investors Services LLC now owns 24,634 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 8,749 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

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.