Jefferies Financial Group Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $22.00

Park Hotels & Resorts (NYSE:PK) had its price objective trimmed by Jefferies Financial Group from $23.00 to $22.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

PK has been the topic of several other research reports. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a report on Thursday, September 26th. Wells Fargo & Company increased their price objective on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Bank of America dropped their target price on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. Compass Point reduced their target price on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.65.

Park Hotels & Resorts Price Performance

NYSE:PK opened at $13.78 on Thursday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The firm has a market cap of $2.84 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. Park Hotels & Resorts has a 12 month low of $13.23 and a 12 month high of $18.05. The company’s 50-day moving average price is $14.87 and its two-hundred day moving average price is $14.64.

Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The firm had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The business’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 EPS. On average, equities analysts anticipate that Park Hotels & Resorts will post 1.96 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.65 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 18.87%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio is 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its holdings in Park Hotels & Resorts by 18.4% in the third 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 during the period. Franklin Resources Inc. increased its position in shares of Park Hotels & Resorts by 43.6% in the 3rd quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after buying an additional 208,877 shares in the last quarter. Tidal Investments LLC raised its stake in Park Hotels & Resorts by 5.5% during the 3rd quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock worth $275,000 after buying an additional 1,020 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Park Hotels & Resorts during the third quarter worth about $477,000. Finally, Barclays PLC lifted its holdings in Park Hotels & Resorts by 22.4% during the third quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock worth $4,507,000 after acquiring an additional 58,432 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Company Profile

Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.