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

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

PK has been the topic of several other reports. Bank of America dropped their price target on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research note on Monday, October 21st. UBS Group boosted their target price on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. Compass Point dropped their price objective on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company boosted their target price on Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Finally, Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.65.

Park Hotels & Resorts Price Performance

Shares of PK opened at $14.19 on Thursday. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 6.90 and a beta of 2.02. The business has a 50-day moving average of $14.87 and a 200-day moving average of $14.63. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. Park Hotels & Resorts has a 1 year low of $13.23 and a 1 year high of $18.05.

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

Park Hotels & Resorts Increases Dividend

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

Institutional Investors Weigh In On Park Hotels & Resorts

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its position 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 valued at $77,217,000 after buying an additional 3,897,889 shares during the period. Jupiter Asset Management Ltd. grew its position in shares of 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 valued at $38,904,000 after acquiring an additional 1,925,850 shares during the period. Donald Smith & CO. Inc. increased its stake in shares of 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 purchasing an additional 1,484,295 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake 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 hedge funds and other institutional investors.

Park Hotels & Resorts Company Profile

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.