Park Hotels & Resorts (NYSE:PK) Stock Price Down 5.7% Following Analyst Downgrade

Park Hotels & Resorts Inc. (NYSE:PK)’s share price 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 mid-day trading, a decline of 48% from the average daily volume of 2,836,484 shares. The stock had previously closed at $11.59.

PK has been the subject of several other reports. Jefferies Financial Group cut their target price on shares of 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. Wells Fargo & Company dropped their target price on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. Finally, UBS Group reduced their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its holdings in shares of Park Hotels & Resorts by 21.5% in the 3rd quarter. Victory Capital Management Inc. now owns 109,002 shares of the financial services provider’s stock valued at $1,537,000 after buying an additional 19,273 shares in the last quarter. KBC Group NV raised its position in Park Hotels & Resorts by 34.4% during the 3rd quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock worth $104,000 after buying an additional 1,882 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Park Hotels & Resorts by 28.1% during the 3rd quarter. Intech Investment Management LLC now owns 136,310 shares of the financial services provider’s stock valued at $1,922,000 after purchasing an additional 29,894 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Park Hotels & Resorts by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock valued at $40,928,000 after acquiring an additional 66,093 shares during the period. Finally, Cerity Partners LLC boosted its stake in Park Hotels & Resorts by 47.1% during the 3rd quarter. Cerity Partners LLC now owns 150,971 shares of the financial services provider’s stock worth $2,129,000 after purchasing an additional 48,308 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Stock Performance

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’s 50 day simple moving average is $12.73 and its 200-day simple moving average is $13.94. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 1.51 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). The firm had revenue of $625.00 million for 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%. On average, sell-side analysts predict that Park Hotels & Resorts Inc. will post 2.11 EPS 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. Investors of record on Monday, March 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 8.94%. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 99.01%.

Park Hotels & Resorts Company Profile

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.