Park Hotels & Resorts (NYSE:PK) PT Lowered to $17.00 at Truist Financial

Park Hotels & Resorts (NYSE:PK) had its target price cut by Truist Financial from $19.00 to $17.00 in a research report report published on Friday morning, MarketBeat.com reports. They currently have a buy rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com initiated coverage on Park Hotels & Resorts in a research report on Thursday, August 17th. They set a sell rating for the company. Barclays cut their target price on Park Hotels & Resorts from $17.00 to $16.00 and set an equal weight rating for the company in a research note on Thursday, July 27th. Wells Fargo & Company upped their target price on Park Hotels & Resorts from $13.00 to $15.00 in a research note on Wednesday, July 12th. Finally, Morgan Stanley dropped their price objective on Park Hotels & Resorts from $14.00 to $13.00 and set an equal weight rating for the company in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Park Hotels & Resorts currently has an average rating of Hold and a consensus target price of $17.43.

Park Hotels & Resorts Stock Down 3.5 %

Shares of Park Hotels & Resorts stock opened at $12.65 on Friday. The stock has a market capitalization of $2.73 billion, a P/E ratio of -50.60, a PEG ratio of 0.85 and a beta of 1.92. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average price of $13.02 and a two-hundred day moving average price of $12.81. Park Hotels & Resorts has a 12-month low of $10.70 and a 12-month high of $15.38.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($1.28). The company had revenue of $714.00 million for the quarter, compared to the consensus estimate of $725.05 million. Park Hotels & Resorts had a negative return on equity of 1.14% and a negative net margin of 1.79%. Equities analysts expect that Park Hotels & Resorts will post 1.86 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.74%. The ex-dividend date is Thursday, September 28th. Park Hotels & Resorts’s payout ratio is presently -240.00%.

Insider Transactions at Park Hotels & Resorts

In other news, Director Geoffrey Garrett sold 14,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $12.83, for a total transaction of $179,620.00. Following the sale, the director now owns 31,777 shares in the company, valued at $407,698.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On Park Hotels & Resorts

Several hedge funds have recently added to or reduced their stakes in PK. Goldman Sachs Group Inc. boosted its holdings in Park Hotels & Resorts by 54.6% in the second quarter. Goldman Sachs Group Inc. now owns 11,358,377 shares of the financial services provider’s stock valued at $145,614,000 after acquiring an additional 4,010,239 shares during the last quarter. Norges Bank bought a new position in Park Hotels & Resorts during the fourth quarter worth about $22,324,000. Millennium Management LLC bought a new position in Park Hotels & Resorts during the second quarter worth about $24,904,000. Private Management Group Inc. bought a new position in Park Hotels & Resorts during the first quarter worth about $22,594,000. Finally, JPMorgan Chase & Co. boosted its holdings in Park Hotels & Resorts by 107.7% during the first quarter. JPMorgan Chase & Co. now owns 3,517,709 shares of the financial services provider’s stock worth $43,479,000 after buying an additional 1,824,085 shares during the last quarter. Institutional investors own 91.40% of the company’s stock.

About Park Hotels & Resorts

Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 45 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations.