Park Hotels & Resorts (NYSE:PK) Shares Down 5.7% on Analyst Downgrade

Shares of Park Hotels & Resorts Inc. (NYSE:PK - Get Free Report) dropped 5.7% 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 traded hands 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 research reports. Wells Fargo & Company dropped their price objective 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. Jefferies Financial Group dropped their price target on Park Hotels & Resorts from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, January 2nd. StockNews.com lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, February 21st. Finally, UBS Group dropped their target price on 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of "Hold" and an average price target of $17.72.

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Institutional Trading of Park Hotels & Resorts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd raised its position in shares of Park Hotels & Resorts by 420.7% in the 3rd quarter. XTX Topco Ltd now owns 89,168 shares of the financial services provider's stock worth $1,257,000 after acquiring an additional 72,044 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Park Hotels & Resorts by 321.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,409,574 shares of the financial services provider's stock worth $19,875,000 after purchasing an additional 1,075,255 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Park Hotels & Resorts by 18.4% in the third quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider's stock valued at $49,182,000 after buying an additional 540,920 shares during the period. Northeast Financial Group Inc. boosted its holdings in shares of Park Hotels & Resorts by 34.4% during the 4th quarter. Northeast Financial Group Inc. now owns 124,674 shares of the financial services provider's stock worth $1,754,000 after buying an additional 31,928 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new stake in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $768,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Park Hotels & Resorts Stock Up 2.0 %

The company has a market cap of $2.30 billion, a P/E ratio of 11.28, a price-to-earnings-growth ratio of 1.51 and a beta of 2.02. The firm's 50 day moving average price is $12.73 and its two-hundred day moving average price is $13.93. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last announced its quarterly earnings data 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). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The firm had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Equities research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS 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. Shareholders of record on Monday, March 31st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.78%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts's dividend payout ratio (DPR) is 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.