Park Hotels & Resorts (NYSE:PK) Trading Down 5.7% on Analyst Downgrade

Park Hotels & Resorts Inc. (NYSE:PK) dropped 5.7% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $18.00 to $16.00. Truist Financial currently has a buy rating on the stock. Park Hotels & Resorts traded as low as $10.89 and last traded at $10.92. Approximately 1,466,611 shares were traded during trading, a decline of 48% from the average daily volume of 2,836,484 shares. The stock had previously closed at $11.59.

Several other analysts have also recently issued reports on the company. UBS Group dropped their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. Wells Fargo & Company dropped 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. Finally, Jefferies Financial Group lowered their price objective on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.95.

Hedge Funds Weigh In On Park Hotels & Resorts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in Park Hotels & Resorts in the 4th quarter worth $35,000. GF Fund Management CO. LTD. purchased a new position in Park Hotels & Resorts in the 4th quarter worth $53,000. Quadrant Capital Group LLC raised its stake in Park Hotels & Resorts by 38.4% in the 4th quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 1,335 shares during the last quarter. KBC Group NV raised its stake in Park Hotels & Resorts by 34.4% in the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock worth $104,000 after acquiring an additional 1,882 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its stake in Park Hotels & Resorts by 42.2% in the 4th quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 2,373 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Price Performance

The company has a market cap of $2.22 billion, a PE ratio of 10.89, a price-to-earnings-growth 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. The stock has a 50 day moving average of $12.78 and a 200-day moving average of $13.97.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data 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). The company had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. 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 disclosed 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 dividend yield of 9.08%. Park Hotels & Resorts’s payout ratio is currently 99.01%.

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.