Park Hotels & Resorts (NYSE:PK) Cut to Underperform at Bank of America

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

Several other equities analysts have also weighed in on the stock. UBS Group dropped 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 report on Monday, February 3rd. Jefferies Financial Group cut Park Hotels & Resorts from a "buy" rating to a "hold" rating and reduced their price objective for the company from $19.00 to $10.00 in a research note on Wednesday, April 9th. Evercore ISI lowered their target price on Park Hotels & Resorts from $16.00 to $13.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Truist Financial reduced their price target on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Finally, 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 report on Tuesday, February 18th. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.60.

Park Hotels & Resorts Trading Up 2.3 %

Shares of PK stock traded up $0.24 during mid-day trading on Wednesday, hitting $10.28. The company's stock had a trading volume of 6,346,758 shares, compared to its average volume of 3,326,204. The company has a market cap of $2.07 billion, a PE ratio of 10.17, a P/E/G ratio of 1.51 and a beta of 1.75. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. The company's fifty day simple moving average is $10.68 and its 200-day simple moving average is $12.97. Park Hotels & Resorts has a 52 week low of $8.27 and a 52 week high of $16.58.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.01). The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $609.05 million. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. As a group, equities research analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.73%. The ex-dividend date was Monday, March 31st. Park Hotels & Resorts's payout ratio is currently 99.01%.

Institutional Investors Weigh In On Park Hotels & Resorts

A number of institutional investors have recently added to or reduced their stakes in PK. Norges Bank purchased a new stake in shares of Park Hotels & Resorts during the fourth quarter valued at approximately $41,087,000. Deutsche Bank AG grew its stake in Park Hotels & Resorts by 809.3% in the 4th quarter. Deutsche Bank AG now owns 2,415,621 shares of the financial services provider's stock valued at $33,988,000 after purchasing an additional 2,149,972 shares during the period. Landmark Investment Partners L.P. purchased a new stake in shares of Park Hotels & Resorts during the 4th quarter valued at $21,342,000. Invesco Ltd. raised its stake in shares of Park Hotels & Resorts by 84.0% during the 4th quarter. Invesco Ltd. now owns 2,837,917 shares of the financial services provider's stock worth $39,929,000 after purchasing an additional 1,295,548 shares during the period. Finally, Donald Smith & CO. Inc. boosted its holdings in shares of Park Hotels & Resorts by 13.9% in the 4th quarter. Donald Smith & CO. Inc. now owns 9,200,125 shares of the financial services provider's stock worth $129,446,000 after buying an additional 1,122,839 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

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.