Park Hotels & Resorts (NYSE:PK) Price Target Cut to $11.00 by Analysts at Truist Financial

Park Hotels & Resorts (NYSE:PK) had its target price decreased by Truist Financial from $12.00 to $11.00 in a report issued on Tuesday morning, Marketbeat reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Several other brokerages have also commented on PK. Evercore ISI cut their price objective on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a report on Thursday, November 20th. Zacks Research downgraded Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 14th. Morgan Stanley set a $10.00 price target on shares of Park Hotels & Resorts in a research report on Friday, January 16th. Barclays started coverage on shares of Park Hotels & Resorts in a report on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 price objective on the stock. Finally, UBS Group upped their target price on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $11.27.

Park Hotels & Resorts Stock Up 1.1%

PK opened at $11.06 on Tuesday. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -158.06 and a beta of 1.45. The firm has a 50 day moving average price of $10.92 and a 200-day moving average price of $11.01. Park Hotels & Resorts has a twelve month low of $8.27 and a twelve month high of $13.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37.

Insiders Place Their Bets

In other news, Director Christie B. Kelly purchased 2,949 shares of the stock in a transaction on Wednesday, January 14th. The shares were acquired at an average price of $11.19 per share, with a total value of $32,999.31. Following the completion of the acquisition, the director directly owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This trade represents a 2.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in Park Hotels & Resorts by 1.6% during the 3rd quarter. Bank of America Corp DE now owns 13,074,474 shares of the financial services provider’s stock valued at $144,865,000 after purchasing an additional 203,922 shares during the period. Donald Smith & CO. Inc. grew its holdings in Park Hotels & Resorts by 4.0% during the 2nd quarter. Donald Smith & CO. Inc. now owns 12,044,177 shares of the financial services provider’s stock valued at $123,212,000 after buying an additional 466,857 shares in the last quarter. AQR Capital Management LLC increased its stake 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 acquiring an additional 3,361,382 shares during the last quarter. Sculptor Capital LP grew its stake in shares of 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, Allianz Asset Management GmbH increased its holdings in shares of Park Hotels & Resorts by 29.9% in the 3rd quarter. Allianz Asset Management GmbH now owns 4,447,474 shares of the financial services provider’s stock worth $49,278,000 after buying an additional 1,023,400 shares during the last quarter. Hedge funds and other institutional investors 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.