Other equities research analysts have also recently issued research reports about the stock. Sumitomo Mitsui Financial Group cut shares of Park Hotels & Resorts from an outperform rating to a neutral rating and set a $16.00 target price on the stock. in a report on Monday, August 8th. Barclays decreased their price target on shares of Park Hotels & Resorts from $22.00 to $18.00 and set an equal weight rating on the stock in a research report on Thursday, July 7th. BMO Capital Markets downgraded shares of Park Hotels & Resorts from an outperform rating to a market perform rating and decreased their price target for the stock from $21.00 to $18.00 in a research report on Tuesday, August 16th. Wells Fargo & Company upgraded shares of Park Hotels & Resorts from an equal weight rating to an overweight rating and decreased their price target for the stock from $20.00 to $17.00 in a research report on Monday, August 29th. Finally, Truist Financial upgraded shares of Park Hotels & Resorts from a hold rating to a buy rating and increased their price target for the stock from $19.00 to $22.00 in a research report on Wednesday, June 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of Hold and a consensus price target of $19.79.
Park Hotels & Resorts Trading Down 0.4 %
Shares of PK stock opened at $14.26 on Tuesday. Park Hotels & Resorts has a 12-month low of $12.90 and a 12-month high of $21.62. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $14.62 and its 200 day moving average is $16.81. The stock has a market capitalization of $3.33 billion, a P/E ratio of -64.82 and a beta of 1.94.
Park Hotels & Resorts Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $0.04 annualized dividend and a yield of 0.28%. Park Hotels & Resorts’s payout ratio is -18.18%.
Insider Activity at Park Hotels & Resorts
In related news, Director Thomas D. Eckert bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 14th. The stock was bought at an average cost of $15.12 per share, with a total value of $151,200.00. Following the completion of the purchase, the director now owns 96,637 shares of the company’s stock, valued at approximately $1,461,151.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.09% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Park Hotels & Resorts
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Park Hotels & Resorts by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 33,696,042 shares of the financial services provider’s stock worth $658,084,000 after buying an additional 567,015 shares in the last quarter. BlackRock Inc. grew its stake in shares of Park Hotels & Resorts by 0.6% in the 1st quarter. BlackRock Inc. now owns 29,740,571 shares of the financial services provider’s stock worth $580,834,000 after buying an additional 182,269 shares in the last quarter. State Street Corp grew its stake in shares of Park Hotels & Resorts by 5.4% in the 2nd quarter. State Street Corp now owns 13,036,934 shares of the financial services provider’s stock worth $177,037,000 after buying an additional 662,640 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Park Hotels & Resorts by 0.8% during the 2nd quarter. Principal Financial Group Inc. now owns 8,755,233 shares of the financial services provider’s stock worth $118,809,000 after purchasing an additional 69,485 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Park Hotels & Resorts by 45.0% during the 4th quarter. JPMorgan Chase & Co. now owns 5,416,035 shares of the financial services provider’s stock worth $102,254,000 after purchasing an additional 1,680,145 shares during the period. 91.73% of the stock is owned by hedge funds and other institutional investors.
About Park Hotels & Resorts
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.
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