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

Park Hotels & Resorts Inc. (NYSE:PK) shares fell 5.7% during 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. 1,466,611 shares changed hands during trading, a decline of 48% from the average session volume of 2,836,484 shares. The stock had previously closed at $11.59.

Several other research analysts have also commented on the company. Jefferies Financial Group cut their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. UBS Group reduced their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company decreased their price target on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 18th. Finally, StockNews.com lowered shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and a consensus price target of $17.72.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of large investors have recently bought and sold shares of the company. Donald Smith & CO. Inc. increased its stake in shares of Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider’s stock worth $129,446,000 after acquiring an additional 1,122,839 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Park Hotels & Resorts by 18.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider’s stock valued at $94,160,000 after purchasing an additional 1,056,188 shares in the last quarter. Allianz Asset Management GmbH increased its position in Park Hotels & Resorts by 3.6% during the 4th quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider’s stock worth $50,426,000 after purchasing an additional 125,730 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Park Hotels & Resorts by 18.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after buying an additional 540,920 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $41,087,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Down 3.5 %

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 firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 1.51 and a beta of 2.02. The firm has a fifty day moving average price of $12.73 and a 200 day moving average price of $13.93.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. As a group, sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.94%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts’s dividend 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.