Park Hotels & Resorts (NYSE:PK) Sets New 12-Month Low – Here’s Why

Park Hotels & Resorts Inc. (NYSE:PK) reached a new 52-week low on Friday . The stock traded as low as $13.22 and last traded at $13.40, with a volume of 218038 shares changing hands. The stock had previously closed at $13.55.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Bank of America cut their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research report on Monday, October 21st. Wells Fargo & Company lifted their price objective on Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Wolfe Research downgraded Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Finally, Compass Point dropped their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued 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 $18.65.

Park Hotels & Resorts Stock Up 1.0 %

The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 8.72, a price-to-earnings-growth ratio of 6.90 and a beta of 2.02. The business has a fifty day moving average price of $14.85 and a two-hundred day moving average price of $14.60. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. Park Hotels & Resorts’s revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 EPS. On average, equities analysts expect that Park Hotels & Resorts Inc. will post 1.96 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 18.99%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is 63.69%.

Institutional Trading of Park Hotels & Resorts

Hedge funds have recently made changes to their positions in the business. Donald Smith & CO. Inc. lifted its holdings in Park Hotels & Resorts by 22.5% during the 3rd quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after buying an additional 1,484,295 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Park Hotels & Resorts by 287.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after acquiring an additional 3,897,889 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Park Hotels & Resorts by 18.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock worth $49,182,000 after acquiring an additional 540,920 shares during the period. Dimensional Fund Advisors LP increased its stake in Park Hotels & Resorts by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock valued at $46,638,000 after purchasing an additional 115,391 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Park Hotels & Resorts by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock worth $40,928,000 after purchasing an additional 66,093 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

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.