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

Bank of America downgraded shares of Park Hotels & Resorts (NYSE:PK) from a neutral rating to an underperform rating in a report released on Wednesday, Marketbeat Ratings reports. Bank of America currently has $11.00 price target on the financial services provider’s stock.

PK has been the subject of several other research reports. UBS Group cut 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. Morgan Stanley cut their price target on Park Hotels & Resorts from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. 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 research note on Tuesday, February 18th. Jefferies Financial Group lowered shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and cut their target price for the company from $19.00 to $10.00 in a research report on Wednesday, April 9th. Finally, Evercore ISI decreased their price target on shares of 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and an average target price of $14.60.

Park Hotels & Resorts Price Performance

PK opened at $10.28 on Wednesday. The company’s 50-day simple moving average is $10.68 and its two-hundred day simple moving average is $12.98. 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 stock has a market capitalization of $2.07 billion, a P/E ratio of 10.17, a P/E/G ratio of 1.51 and a beta of 1.73. Park Hotels & Resorts has a 52-week low of $8.27 and a 52-week high of $16.58.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The company had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. As a group, analysts predict that Park Hotels & Resorts will post 2.11 EPS 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 $0.25 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.73%. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 99.01%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Donald Smith & CO. Inc. raised its holdings 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 valued at $129,446,000 after acquiring an additional 1,122,839 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of 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 in the last quarter. Allianz Asset Management GmbH raised its stake in Park Hotels & Resorts by 3.6% during 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 period. JPMorgan Chase & Co. lifted its holdings in 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 worth $49,182,000 after purchasing an additional 540,920 shares in the last quarter. Finally, Norges Bank purchased a new position in Park Hotels & Resorts in the 4th quarter worth approximately $41,087,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

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.