Park Hotels & Resorts (NYSE:PK) Given New $14.50 Price Target at Wells Fargo & Company

Park Hotels & Resorts (NYSE:PK) had its target price reduced by Wells Fargo & Company from $17.00 to $14.50 in a report issued on Friday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on PK. Evercore ISI decreased their target price on Park Hotels & Resorts from $20.00 to $19.00 and set an outperform rating for the company in a research report on Tuesday, August 13th. Wedbush reiterated a neutral rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Truist Financial cut their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a buy rating on the stock in a research note on Wednesday, September 4th. Barclays boosted their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an overweight rating in a research note on Friday, May 24th. Finally, UBS Group dropped their target price on Park Hotels & Resorts from $18.00 to $14.00 and set a neutral rating on the stock in a research report on Friday, August 16th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Park Hotels & Resorts currently has a consensus rating of Hold and an average target price of $16.96.

Park Hotels & Resorts Price Performance

Shares of NYSE:PK opened at $14.04 on Friday. Park Hotels & Resorts has a fifty-two week low of $11.05 and a fifty-two week high of $18.05. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 0.66 and a beta of 2.02. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.58 and a current ratio of 1.58. The business has a 50-day simple moving average of $14.51 and a two-hundred day simple moving average of $15.64.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, July 31st. The financial services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). The firm had revenue of $686.00 million for the quarter, compared to the consensus estimate of $694.94 million. Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. On average, analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.12%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s payout ratio is currently 227.28%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PK. AQR Capital Management LLC grew its stake in shares of Park Hotels & Resorts by 287.7% during the 2nd 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. Norges Bank acquired a new position in shares of Park Hotels & Resorts in the fourth quarter worth about $31,745,000. Jupiter Asset Management Ltd. increased its holdings 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 purchasing an additional 1,925,850 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Park Hotels & Resorts by 601.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock worth $36,921,000 after purchasing an additional 1,809,886 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Park Hotels & Resorts by 15,714.0% in the first quarter. SG Americas Securities LLC now owns 1,301,019 shares of the financial services provider’s stock worth $22,755,000 after purchasing an additional 1,292,792 shares in the last quarter. Institutional investors and hedge funds own 92.69% 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 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.