Morgan Stanley Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $10.00

Park Hotels & Resorts (NYSE:PK - Free Report) had its target price lowered by Morgan Stanley from $12.00 to $10.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider's stock.

A number of other brokerages have also issued reports on PK. Wells Fargo & Company decreased their target price on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 18th. Truist Financial reduced their price target on Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. UBS Group dropped their price objective on Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating for the company in a report on Monday, February 3rd. Jefferies Financial Group lowered Park Hotels & Resorts from a "buy" rating to a "hold" rating and reduced their target price for the stock from $19.00 to $10.00 in a report on Wednesday, April 9th. Finally, StockNews.com cut Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $15.75.

Park Hotels & Resorts Stock Performance

Shares of NYSE PK traded up $0.01 during trading hours on Tuesday, reaching $10.00. 3,478,970 shares of the stock were exchanged, compared to its average volume of 3,302,274. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 9.90, a P/E/G ratio of 1.51 and a beta of 1.73. The stock's fifty day simple moving average is $10.95 and its 200 day simple moving average is $13.12. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19. Park Hotels & Resorts has a 52 week low of $8.27 and a 52 week high of $16.78.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.01). The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. Park Hotels & Resorts had a return on equity of 5.63% and a net margin of 8.16%. Sell-side analysts predict that Park Hotels & Resorts will post 2.11 EPS for the current year.

Park Hotels & Resorts Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 10.00%. The ex-dividend date of this dividend was Monday, March 31st. Park Hotels & Resorts's payout ratio is 99.01%.

Institutional Investors Weigh In On Park Hotels & Resorts

A number of hedge funds have recently made changes to their positions in PK. UMB Bank n.a. raised its position in Park Hotels & Resorts by 140.9% in the first quarter. UMB Bank n.a. now owns 2,385 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 1,395 shares during the last quarter. Quarry LP bought a new position in Park Hotels & Resorts in the 4th quarter valued at approximately $35,000. Versant Capital Management Inc boosted its position in 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 worth $27,000 after buying an additional 2,539 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Park Hotels & Resorts during the 4th quarter worth approximately $53,000. Finally, Quadrant Capital Group LLC grew its holdings in Park Hotels & Resorts by 38.4% during the 4th quarter. Quadrant Capital Group LLC now owns 4,814 shares of the financial services provider's stock worth $68,000 after acquiring an additional 1,335 shares during the last quarter. 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.