Park Hotels & Resorts (NYSE:PK) Cut to Hold at Truist Financial

Truist Financial lowered shares of Park Hotels & Resorts (NYSE:PK) from a buy rating to a hold rating in a research note published on Friday, Marketbeat.com reports. They currently have $11.00 price target on the financial services provider’s stock, down from their prior price target of $16.00.

Several other research analysts have also recently weighed in on the stock. UBS Group decreased their price target on shares of 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 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 note on Tuesday, February 18th. Evercore ISI lowered Park Hotels & Resorts from an “outperform” rating to an “in-line” rating and set a $13.00 target price on the stock. in a research note on Friday, May 16th. Jefferies Financial Group lowered Park Hotels & Resorts from a “buy” rating to a “hold” rating and decreased their target price for the stock from $19.00 to $10.00 in a research note on Wednesday, April 9th. Finally, Citigroup restated a “buy” rating on shares of Park Hotels & Resorts in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and an average target price of $12.75.

Park Hotels & Resorts Trading Down 1.2%

Shares of PK opened at $10.36 on Friday. The business’s 50-day moving average price is $10.18 and its 200-day moving average price is $12.43. Park Hotels & Resorts has a twelve month low of $8.27 and a twelve month high of $16.23. The stock has a market cap of $2.07 billion, a PE ratio of 10.26, a P/E/G ratio of 1.51 and a beta of 1.75. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $630.00 million for the quarter, compared to analysts’ expectations of $620.17 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. The company’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. On average, equities analysts forecast that Park Hotels & Resorts will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 9.65%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 169.49%.

Hedge Funds Weigh In On Park Hotels & Resorts

Several institutional investors have recently modified their holdings of the company. Barclays PLC grew its holdings in shares of Park Hotels & Resorts by 22.4% during the 3rd quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock valued at $4,507,000 after purchasing an additional 58,432 shares during the last quarter. KBC Group NV grew its stake in shares of Park Hotels & Resorts by 36.2% during the fourth quarter. KBC Group NV now owns 10,023 shares of the financial services provider’s stock valued at $141,000 after buying an additional 2,663 shares during the last quarter. abrdn plc grew its stake in shares of Park Hotels & Resorts by 66.4% during the fourth quarter. abrdn plc now owns 70,420 shares of the financial services provider’s stock valued at $995,000 after buying an additional 28,105 shares during the last quarter. Private Management Group Inc. grew its stake in shares of Park Hotels & Resorts by 2.0% during the fourth quarter. Private Management Group Inc. now owns 2,269,849 shares of the financial services provider’s stock valued at $31,937,000 after buying an additional 44,606 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new position in shares of Park Hotels & Resorts during the fourth quarter valued at about $322,000. 92.69% of the stock is currently 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.