Park Hotels & Resorts (NYSE:PK) Price Target Raised to $14.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Park Hotels & Resorts’ price target to $14 from $13 but maintained an “underweight” rating, implying about 2.8% downside from the reported $14.40 share price.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating and a consensus price target of $13.27, based on one Buy, ten Hold, and two Sell ratings.
• Park Hotels reported quarterly EPS of $0.24, in line with estimates, while revenue of $680 million exceeded expectations; institutional investors and hedge funds own approximately 92.7% of the company.

Park Hotels & Resorts (NYSE:PK - Get Free Report) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $13.00 to $14.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 2.81% from the stock's current price.

A number of other research analysts have also commented on PK. Cantor Fitzgerald reiterated a "neutral" rating and set a $12.00 price target on shares of Park Hotels & Resorts in a report on Wednesday, May 13th. BMO Capital Markets restated a "market perform" rating and issued a $14.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Truist Financial upped their target price on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the company a "hold" rating in a research note on Tuesday, May 26th. Barclays increased their price target on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the company an "equal weight" rating in a report on Monday, June 1st. Finally, Morgan Stanley boosted their price objective on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an "equal weight" rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $13.27.

Park Hotels & Resorts Stock Down 2.4%

Shares of NYSE:PK traded down $0.35 on Monday, reaching $14.40. The company had a trading volume of 1,326,753 shares, compared to its average volume of 4,495,264. The stock has a market capitalization of $2.90 billion, a P/E ratio of -17.36, a P/E/G ratio of 1.95 and a beta of 1.34. The stock has a 50-day moving average price of $14.48 and a 200 day moving average price of $12.29. Park Hotels & Resorts has a twelve month low of $9.84 and a twelve month high of $15.48. The company has a quick ratio of 1.25, a current ratio of 1.53 and a debt-to-equity ratio of 1.29.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, meeting analysts' consensus estimates of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The business had revenue of $680.00 million for the quarter, compared to analyst estimates of $659.68 million. During the same quarter in the prior year, the firm posted $0.64 EPS. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts expect that Park Hotels & Resorts will post 1.79 EPS for the current year.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of hedge funds have recently made changes to their positions in PK. Mitsubishi UFJ Trust & Banking Corp increased its position in Park Hotels & Resorts by 106.9% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 191,712 shares of the financial services provider's stock worth $2,005,000 after purchasing an additional 99,051 shares during the period. Donald Smith & CO. Inc. boosted its stake in shares of Park Hotels & Resorts by 14.2% in the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider's stock valued at $152,903,000 after purchasing an additional 1,813,338 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at about $230,000. Legal & General Group Plc grew its position in shares of Park Hotels & Resorts by 15.9% during the 4th quarter. Legal & General Group Plc now owns 1,339,137 shares of the financial services provider's stock worth $14,007,000 after buying an additional 183,882 shares during the period. Finally, Matthew 25 Management Corp grew its position in shares of Park Hotels & Resorts by 61.1% during the 4th quarter. Matthew 25 Management Corp now owns 765,000 shares of the financial services provider's stock worth $8,002,000 after buying an additional 290,000 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company's primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.

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