Park Hotels & Resorts (NYSE:PK) Downgraded by Citigroup to Neutral

Citigroup cut shares of Park Hotels & Resorts (NYSE:PK) from a buy rating to a neutral rating in a research report released on Tuesday morning, Marketbeat Ratings reports. They currently have $12.00 price target on the financial services provider’s stock, down from their prior price target of $13.00.

Several other analysts have also recently issued reports on PK. Truist Financial cut shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $16.00 to $11.00 in a research note on Friday, May 30th. Evercore ISI cut shares of Park Hotels & Resorts from an “outperform” rating to an “in-line” rating and set a $13.00 price target for the company. in a research report on Friday, May 16th. Wall Street Zen cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. Morgan Stanley reaffirmed an “outperform” rating on shares of Park Hotels & Resorts in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company upped their price target on shares of Park Hotels & Resorts from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.20.

Park Hotels & Resorts Stock Down 1.4%

Shares of NYSE PK opened at $11.71 on Tuesday. Park Hotels & Resorts has a 52-week low of $8.27 and a 52-week high of $16.23. The firm has a fifty day moving average of $11.11 and a 200-day moving average of $10.77. The stock has a market capitalization of $2.34 billion, a PE ratio of 43.37 and a beta of 1.80. 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 (NYSE:PK) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. Park Hotels & Resorts had a net margin of 2.25% and a return on equity of 0.76%. The company had revenue of $672.00 million during the quarter, compared to analysts’ expectations of $672.37 million. During the same period in the previous year, the company earned $0.65 EPS. The business’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, analysts anticipate that Park Hotels & Resorts will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 8.5%. Park Hotels & Resorts’s payout ratio is currently 370.37%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Park Hotels & Resorts by 34.6% in the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after buying an additional 3,309,275 shares in the last quarter. Donald Smith & CO. Inc. lifted its holdings in Park Hotels & Resorts by 4.0% in the 2nd quarter. Donald Smith & CO. Inc. now owns 12,044,177 shares of the financial services provider’s stock worth $123,212,000 after buying an additional 466,857 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock worth $79,230,000 after buying an additional 3,361,382 shares in the last quarter. Sculptor Capital LP lifted its holdings in Park Hotels & Resorts by 154.1% in the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock worth $66,844,000 after buying an additional 3,962,304 shares in the last quarter. Finally, H 2 Credit Manager LP lifted its holdings in Park Hotels & Resorts by 13.9% in the 1st quarter. H 2 Credit Manager LP now owns 3,903,750 shares of the financial services provider’s stock worth $41,692,000 after buying an additional 475,000 shares in the last quarter. Institutional investors and hedge funds 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.