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

Park Hotels & Resorts Inc. (NYSE:PK) hit a new 52-week low during trading on Thursday . The company traded as low as $12.23 and last traded at $12.33, with a volume of 3043844 shares trading hands. The stock had previously closed at $12.35.

Wall Street Analysts Forecast Growth

PK has been the subject of several research reports. Jefferies Financial Group reduced their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. UBS Group reduced their price objective on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. Finally, Wells Fargo & Company decreased 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, February 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Park Hotels & Resorts currently has a consensus rating of “Hold” and a consensus price target of $18.15.

Park Hotels & Resorts Stock Down 0.3 %

The company has a market cap of $2.48 billion, a P/E ratio of 12.13, a PEG ratio of 1.51 and a beta of 2.00. The business’s 50 day moving average price is $13.51 and its 200-day moving average price is $14.25. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.19 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. On average, analysts anticipate 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. Shareholders of record on Monday, March 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.16%. The ex-dividend date is Monday, March 31st. Park Hotels & Resorts’s payout ratio is presently 99.01%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in Park Hotels & Resorts by 0.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock valued at $1,128,000 after acquiring an additional 752 shares during the last quarter. Assetmark Inc. lifted its position in Park Hotels & Resorts by 3.4% during the 4th quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 764 shares during the period. Coldstream Capital Management Inc. boosted its stake in shares of Park Hotels & Resorts by 7.3% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 813 shares during the last quarter. Xponance Inc. boosted its stake in shares of Park Hotels & Resorts by 3.8% in the 4th quarter. Xponance Inc. now owns 24,650 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 892 shares during the last quarter. Finally, Cascade Investment Advisors Inc. grew its position in shares of Park Hotels & Resorts by 1.3% during the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock worth $1,034,000 after buying an additional 915 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Company Profile

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.