Park Hotels & Resorts (NYSE:PK) Given New $16.50 Price Target at Bank of America

Park Hotels & Resorts (NYSE:PK) had its price target trimmed by Bank of America from $17.00 to $16.50 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

PK has been the subject of several other research reports. UBS Group reduced their price objective on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Evercore ISI cut their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Monday, October 14th. Finally, Truist Financial reduced their price target on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.00.

Park Hotels & Resorts Price Performance

PK stock opened at $13.96 on Monday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 0.70 and a beta of 2.02. The company’s fifty day simple moving average is $14.48 and its 200 day simple moving average is $15.11. Park Hotels & Resorts has a 12-month low of $11.05 and a 12-month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. The business had revenue of $686.00 million during the quarter, compared to analyst estimates of $694.94 million. On average, analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date was Monday, September 30th. Park Hotels & Resorts’s payout ratio is currently 227.27%.

Institutional Investors Weigh In On Park Hotels & Resorts

Institutional investors have recently added to or reduced their stakes in the company. Wedmont Private Capital boosted its stake in shares of Park Hotels & Resorts by 10.8% in the 1st quarter. Wedmont Private Capital now owns 11,418 shares of the financial services provider’s stock worth $201,000 after buying an additional 1,117 shares during the last quarter. Hazelview Securities Inc. boosted its position in Park Hotels & Resorts by 30.1% in the first quarter. Hazelview Securities Inc. now owns 867,200 shares of the financial services provider’s stock worth $15,254,000 after purchasing an additional 200,600 shares during the last quarter. Sound Income Strategies LLC grew its stake in Park Hotels & Resorts by 9.2% in the 1st quarter. Sound Income Strategies LLC now owns 720,256 shares of the financial services provider’s stock valued at $12,597,000 after purchasing an additional 60,648 shares during the period. Atlas Capital Advisors LLC increased its position in shares of Park Hotels & Resorts by 160.1% during the 1st quarter. Atlas Capital Advisors LLC now owns 31,763 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 19,549 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Park Hotels & Resorts during the 1st quarter worth $1,156,000. 92.69% of the stock is owned by institutional investors.

About Park Hotels & Resorts

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.