Park Hotels & Resorts (NYSE:PK) Sets New 52-Week Low – Here’s What Happened

Park Hotels & Resorts Inc. (NYSE:PK)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $12.52 and last traded at $12.58, with a volume of 2034661 shares. The stock had previously closed at $13.03.

Analyst Ratings Changes

PK has been the topic of several research analyst reports. UBS Group lowered their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company lowered their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday. Compass Point lowered 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 research note on Thursday, October 31st. Finally, Jefferies Financial Group lowered their price objective on shares of Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 2nd. One 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’s stock. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Hold” and an average price target of $18.15.

Park Hotels & Resorts Stock Performance

The stock has a market capitalization of $2.61 billion, a P/E ratio of 12.51, a PEG ratio of 1.52 and a beta of 2.00. The firm has a 50-day moving average of $13.82 and a 200 day moving average of $14.31. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.58%. The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Research analysts anticipate that Park Hotels & Resorts Inc. will post 2.11 EPS for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.25 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.92%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

Institutional Trading of Park Hotels & Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. acquired a new stake in Park Hotels & Resorts in the third quarter worth about $33,000. Quarry LP acquired a new stake in Park Hotels & Resorts in the fourth quarter worth about $35,000. GF Fund Management CO. LTD. acquired a new stake in Park Hotels & Resorts in the fourth quarter worth about $53,000. Venturi Wealth Management LLC increased its position in Park Hotels & Resorts by 281.6% in the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 2,841 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Park Hotels & Resorts by 38.4% in the fourth quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 1,335 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.