Park Hotels & Resorts (NYSE:PK) Rating Lowered to "Neutral" at Citigroup

Key Points

• Park Hotels & Resorts has been downgraded from a "buy" rating to a "neutral" rating by Citigroup, with a revised price target of $12.00, down from $13.00.
• The company reported $0.64 earnings per share for the last quarter, which exceeded the consensus estimate by $0.07, despite a year-over-year revenue decline of 2.0%.
• Institutional investors hold a significant stake in Park Hotels & Resorts, owning 92.69% of the company's stock, indicating strong institutional interest.

Park Hotels & Resorts (NYSE:PK - Get Free Report) was downgraded by equities researchers at Citigroup from a "buy" rating to a "neutral" rating in a report released on Tuesday, Marketbeat Ratings reports. They presently have a $12.00 price target on the financial services provider's stock, down from their prior price target of $13.00. Citigroup's price objective points to a potential upside of 0.38% from the stock's previous close.

PK has been the subject of several other reports. Wall Street Zen downgraded Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. assumed coverage on Park Hotels & Resorts in a research report on Monday, June 23rd. They set an "underweight" rating and a $10.00 price objective for the company. Wells Fargo & Company boosted their price target on Park Hotels & Resorts from $11.00 to $12.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. Morgan Stanley reiterated an "outperform" rating on shares of Park Hotels & Resorts in a report on Tuesday, July 15th. Finally, Truist Financial downgraded Park Hotels & Resorts from a "buy" rating to a "hold" rating and cut their price target for the company from $16.00 to $11.00 in a report on Friday, May 30th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.20.

Park Hotels & Resorts Price Performance

Shares of Park Hotels & Resorts stock traded down $0.05 during trading on Tuesday, hitting $11.96. 2,887,553 shares of the company were exchanged, compared to its average volume of 3,097,609. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.35. Park Hotels & Resorts has a fifty-two week low of $8.27 and a fifty-two week high of $16.23. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 44.28 and a beta of 1.80. The firm has a 50 day moving average price of $11.17 and a 200 day moving average price of $10.76.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.07. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.The firm had revenue of $672.00 million during the quarter, compared to the consensus estimate of $672.37 million. During the same period in the previous year, the firm posted $0.65 EPS. The company's quarterly revenue was down 2.0% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. On average, equities analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.

Institutional Trading of Park Hotels & Resorts

Institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. grew its stake in shares of Park Hotels & Resorts by 140.9% during the 1st quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock valued at $25,000 after buying an additional 1,395 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of Park Hotels & Resorts during the 2nd quarter valued at $26,000. Versant Capital Management Inc grew its stake in shares of Park Hotels & Resorts by 11,039.1% during the 1st quarter. Versant Capital Management Inc now owns 2,562 shares of the financial services provider's stock valued at $27,000 after buying an additional 2,539 shares during the period. Bessemer Group Inc. grew its stake in shares of Park Hotels & Resorts by 359.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,082 shares of the financial services provider's stock valued at $32,000 after buying an additional 2,411 shares during the period. Finally, IFP Advisors Inc grew its stake in shares of Park Hotels & Resorts by 469.0% during the 2nd quarter. IFP Advisors Inc now owns 3,465 shares of the financial services provider's stock valued at $35,000 after buying an additional 2,856 shares during the period. 92.69% of the stock is owned by hedge funds and other 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.