Truist Financial Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $18.00

Park Hotels & Resorts (NYSE:PK) had its target price decreased by Truist Financial from $20.00 to $18.00 in a report issued on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on the company. UBS Group lowered their price objective on Park Hotels & Resorts from $18.00 to $14.00 and set a neutral rating on the stock in a report on Friday, August 16th. Wedbush reaffirmed a neutral rating and issued a $17.00 price objective on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Evercore ISI lowered their price objective on Park Hotels & Resorts from $20.00 to $19.00 and set an outperform rating on the stock in a report on Tuesday, August 13th. Finally, Barclays lifted their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the company an overweight rating in a research report on Friday, May 24th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $17.25.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $14.13 on Wednesday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.23. Park Hotels & Resorts has a 52-week low of $11.05 and a 52-week high of $18.05. The business’s 50-day moving average price is $14.60 and its 200 day moving average price is $15.71. The firm has a market cap of $2.95 billion, a P/E ratio of 32.10, a P/E/G ratio of 0.74 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.30). Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. The business had revenue of $686.00 million during the quarter, compared to analysts’ expectations of $694.94 million. On average, equities research analysts expect that Park Hotels & Resorts will post 2.1 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 7.08%. Park Hotels & Resorts’s dividend payout ratio is currently 227.28%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fidelis Capital Partners LLC acquired a new position in shares of Park Hotels & Resorts during the 1st quarter worth approximately $26,000. Raleigh Capital Management Inc. acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $35,000. YHB Investment Advisors Inc. acquired a new position in Park Hotels & Resorts in the 1st quarter valued at $40,000. Quarry LP raised its holdings in Park Hotels & Resorts by 82.1% in the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,857 shares during the last quarter. Finally, FinTrust Capital Advisors LLC raised its holdings in Park Hotels & Resorts by 260.5% in the 1st quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 3,668 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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.