Jefferies Financial Group Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $22.00

Park Hotels & Resorts (NYSE:PK) had its price objective lowered by Jefferies Financial Group from $23.00 to $22.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on PK. Wells Fargo & Company lifted their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Bank of America decreased their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. Truist Financial lowered their price target on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Compass Point cut their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Monday, December 30th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.65.

Park Hotels & Resorts Stock Up 3.0 %

NYSE PK opened at $14.19 on Thursday. The stock has a market capitalization of $2.93 billion, a P/E ratio of 9.04, a price-to-earnings-growth ratio of 6.90 and a beta of 2.02. Park Hotels & Resorts has a 52 week low of $13.23 and a 52 week high of $18.05. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The stock has a fifty day moving average of $14.87 and a 200-day moving average of $14.63.

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

Park Hotels & Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.65 dividend. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 annualized dividend and a yield of 18.32%. Park Hotels & Resorts’s payout ratio is 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Park Hotels & Resorts by 287.7% during the second 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. Jupiter Asset Management Ltd. grew its position in Park Hotels & Resorts by 286.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock worth $38,904,000 after acquiring an additional 1,925,850 shares during the last quarter. Donald Smith & CO. Inc. grew its position 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 acquiring an additional 1,484,295 shares during 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 3rd 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. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Park Hotels & Resorts by 345.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after purchasing an additional 802,939 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

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.