Park Hotels & Resorts (NYSE:PK) PT Lowered to $17.00 at Truist Financial

Park Hotels & Resorts (NYSE:PK) had its target price trimmed by Truist Financial from $19.00 to $17.00 in a research report report published on Friday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on PK. Wells Fargo & Company raised their target price on Park Hotels & Resorts from $13.00 to $15.00 in a report on Wednesday, July 12th. Morgan Stanley reduced their price target on Park Hotels & Resorts from $14.00 to $13.00 and set an equal weight rating for the company in a research report on Friday, August 25th. Barclays reduced their price target on Park Hotels & Resorts from $17.00 to $16.00 and set an equal weight rating for the company in a research report on Thursday, July 27th. Finally, StockNews.com began coverage on Park Hotels & Resorts in a research note on Thursday, August 17th. They set a sell rating for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $17.43.

Park Hotels & Resorts Trading Down 3.5 %

Shares of PK stock opened at $12.65 on Friday. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of -50.60, a PEG ratio of 0.85 and a beta of 1.92. The stock has a 50-day moving average of $13.02 and a 200-day moving average of $12.81. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 1.12. Park Hotels & Resorts has a 1-year low of $10.70 and a 1-year high of $15.38.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported ($0.70) earnings per share for the quarter, missing the consensus estimate of $0.58 by ($1.28). The company had revenue of $714.00 million during the quarter, compared to analyst estimates of $725.05 million. Park Hotels & Resorts had a negative net margin of 1.79% and a negative return on equity of 1.14%. On average, equities research analysts forecast that Park Hotels & Resorts will post 1.86 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.60 annualized dividend and a dividend yield of 4.74%. Park Hotels & Resorts’s payout ratio is -240.00%.

Insider Activity

In other news, Director Geoffrey Garrett sold 14,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $12.83, for a total transaction of $179,620.00. Following the transaction, the director now directly owns 31,777 shares of the company’s stock, valued at approximately $407,698.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.26% of the company’s stock.

Institutional Investors Weigh In On Park Hotels & Resorts

A number of institutional investors have recently bought and sold shares of PK. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Park Hotels & Resorts by 12.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 81,274 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 8,987 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Park Hotels & Resorts by 5.4% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 122,708 shares of the financial services provider’s stock valued at $1,517,000 after buying an additional 6,261 shares during the period. Assetmark Inc. boosted its position in shares of Park Hotels & Resorts by 1,792.9% during the first quarter. Assetmark Inc. now owns 19,327 shares of the financial services provider’s stock valued at $239,000 after buying an additional 18,306 shares during the period. Cornercap Investment Counsel Inc. purchased a new position in shares of Park Hotels & Resorts during the first quarter valued at approximately $945,000. Finally, Teacher Retirement System of Texas boosted its position in shares of Park Hotels & Resorts by 41.6% during the fourth quarter. Teacher Retirement System of Texas now owns 75,484 shares of the financial services provider’s stock valued at $890,000 after buying an additional 22,185 shares during the period. Hedge funds and other institutional investors own 91.40% of the company’s stock.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 45 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations.