Truist Financial Lowers Park Hotels & Resorts (NYSE:PK) Price Target to $16.00

Park Hotels & Resorts (NYSE:PK) had its target price cut by Truist Financial from $18.00 to $16.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

PK has been the subject of several other reports. Jefferies Financial Group lowered their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. UBS Group lowered their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Finally, Wells Fargo & Company lowered their target price on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, February 18th. 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, the company has an average rating of “Hold” and a consensus price target of $17.95.

Park Hotels & Resorts Stock Down 3.5 %

Shares of Park Hotels & Resorts stock opened at $11.19 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.19 and a debt-to-equity ratio of 1.27. The firm has a market cap of $2.26 billion, a P/E ratio of 11.07, a P/E/G ratio of 1.51 and a beta of 2.02. Park Hotels & Resorts has a fifty-two week low of $10.87 and a fifty-two week high of $18.05. The business has a 50-day moving average price of $12.73 and a 200 day moving average price of $13.94.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 forecast that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 8.94%. Park Hotels & Resorts’s dividend payout ratio is presently 99.01%.

Institutional Investors Weigh In On Park Hotels & Resorts

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Park Hotels & Resorts in the fourth quarter worth approximately $35,000. GF Fund Management CO. LTD. acquired a new stake in Park Hotels & Resorts in the fourth quarter worth approximately $53,000. Quadrant Capital Group LLC lifted its position in Park Hotels & Resorts by 38.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 1,335 shares during the period. KBC Group NV lifted its position in Park Hotels & Resorts by 34.4% in the third quarter. KBC Group NV now owns 7,360 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,882 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in Park Hotels & Resorts by 42.2% in the fourth quarter. Jones Financial Companies Lllp now owns 7,992 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 2,373 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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.