Park Hotels & Resorts (NYSE:PK) Downgraded by Bank of America to Underperform

Bank of America downgraded shares of Park Hotels & Resorts (NYSE:PK - Free Report) from a neutral rating to an underperform rating in a research note published on Wednesday, MarketBeat Ratings reports. They currently have $11.00 price target on the financial services provider's stock.

Several other brokerages have also issued reports on PK. StockNews.com lowered shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Morgan Stanley cut their target price on Park Hotels & Resorts from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. UBS Group lowered their price target on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating on the stock in a report on Monday, February 3rd. Wells Fargo & Company reduced their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and reduced their price target for the stock from $19.00 to $10.00 in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.60.

Park Hotels & Resorts Trading Down 0.0 %

Shares of PK traded down $0.01 during trading hours on Wednesday, reaching $10.26. 2,760,816 shares of the company traded hands, compared to its average volume of 3,324,275. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 1.51 and a beta of 1.75. Park Hotels & Resorts has a 12-month low of $8.27 and a 12-month high of $16.58. The stock's fifty day moving average price is $10.68 and its 200 day moving average price is $12.96. The company has a current ratio of 1.19, a quick ratio of 1.51 and a debt-to-equity ratio of 1.27.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $630.00 million during the quarter, compared to the consensus estimate of $620.17 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The company's revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Sell-side analysts forecast that Park Hotels & Resorts will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.75%. Park Hotels & Resorts's payout ratio is 99.01%.

Institutional Trading of Park Hotels & Resorts

A number of hedge funds have recently added to or reduced their stakes in PK. Donald Smith & CO. Inc. raised its position in Park Hotels & Resorts by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider's stock worth $129,446,000 after acquiring an additional 1,122,839 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Park Hotels & Resorts by 18.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,692,233 shares of the financial services provider's stock worth $94,160,000 after purchasing an additional 1,056,188 shares during the period. Allianz Asset Management GmbH boosted its holdings in Park Hotels & Resorts by 3.6% in the 4th quarter. Allianz Asset Management GmbH now owns 3,583,943 shares of the financial services provider's stock valued at $50,426,000 after purchasing an additional 125,730 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Park Hotels & Resorts by 18.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider's stock valued at $49,182,000 after buying an additional 540,920 shares during the period. Finally, Norges Bank purchased a new stake in shares of Park Hotels & Resorts in the 4th quarter valued at approximately $41,087,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

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.