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

Park Hotels & Resorts Inc. (NYSE:PK)’s share price reached 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 traded. The stock had previously closed at $13.03.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PK shares. UBS Group decreased their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company cut their price objective on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday. StockNews.com cut Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Friday. Jefferies Financial Group cut their price objective on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Hold” and an average target price of $18.15.

Park Hotels & Resorts Price Performance

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

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

Park Hotels & Resorts Cuts Dividend

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

Institutional Investors Weigh In On Park Hotels & Resorts

A number of institutional investors and hedge funds have recently made changes to their positions in PK. Harbor Capital Advisors Inc. acquired a new position in shares of Park Hotels & Resorts during the 3rd quarter worth approximately $33,000. Quarry LP bought a new stake in Park Hotels & Resorts in the 4th quarter valued at $35,000. GF Fund Management CO. LTD. bought a new stake in Park Hotels & Resorts in the 4th quarter valued at $53,000. Venturi Wealth Management LLC raised its stake in Park Hotels & Resorts by 281.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 2,841 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Park Hotels & Resorts by 38.4% in the 4th quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider’s stock valued at $68,000 after acquiring an additional 1,335 shares during the period. Institutional investors own 92.69% of the company’s stock.

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.