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

Park Hotels & Resorts Inc. (NYSE:PK)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $11.39 and last traded at $11.56, with a volume of 1989958 shares changing hands. The stock had previously closed at $11.72.

Analyst Upgrades and Downgrades

PK has been the subject of a number of research analyst reports. UBS Group cut their price target 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. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday, February 21st. Jefferies Financial Group cut their price target 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. Finally, Wells Fargo & Company dropped their price objective 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 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 currently has a consensus rating of “Hold” and an average price target of $18.15.

Park Hotels & Resorts Price Performance

The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 1.51 and a beta of 2.02. The company has a 50-day moving average price of $13.00 and a 200-day moving average price of $14.09. 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) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The company had revenue of $625.00 million for the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. On average, equities research analysts expect that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently announced 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 of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a dividend yield of 8.81%. Park Hotels & Resorts’s payout ratio is currently 99.01%.

Hedge Funds Weigh In On Park Hotels & Resorts

Several institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of Park Hotels & Resorts by 0.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock valued at $1,128,000 after purchasing an additional 752 shares during the period. Assetmark Inc. grew its position in shares of Park Hotels & Resorts by 3.4% in the 4th quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 764 shares during the period. Coldstream Capital Management Inc. grew its position in shares of Park Hotels & Resorts by 7.3% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 813 shares during the period. Xponance Inc. grew its position in shares of Park Hotels & Resorts by 3.8% in the 4th quarter. Xponance Inc. now owns 24,650 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 892 shares during the period. Finally, Cascade Investment Advisors Inc. grew its position in shares of Park Hotels & Resorts by 1.3% in the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock valued at $1,034,000 after purchasing an additional 915 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

About Park Hotels & Resorts

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.