Wells Fargo & Company Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $14.00

Park Hotels & Resorts (NYSE:PK) had its price target lowered by Wells Fargo & Company from $17.00 to $14.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. UBS Group lowered their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Bank of America reduced their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research report on Monday, October 21st. Jefferies Financial Group decreased their target price on Park Hotels & Resorts from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, January 2nd. StockNews.com upgraded shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Thursday, February 13th. Finally, Compass Point decreased their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.15.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $13.03 on Tuesday. The business has a 50-day simple moving average of $13.82 and a 200 day simple moving average of $14.31. Park Hotels & Resorts has a one year low of $12.56 and a one year high of $18.05. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 1.51 and a beta of 2.00.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.01). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $609.05 million. On average, research analysts anticipate that Park Hotels & Resorts will post 1.97 earnings per share for the current fiscal year.

Park Hotels & Resorts Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 annualized dividend and a yield of 7.68%. Park Hotels & Resorts’s payout ratio is presently 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Park Hotels & Resorts by 0.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider’s stock worth $1,128,000 after acquiring an additional 752 shares during the last quarter. Assetmark Inc. raised its position in Park Hotels & Resorts by 3.4% during the fourth quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider’s stock valued at $329,000 after purchasing an additional 764 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in Park Hotels & Resorts by 7.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 813 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Park Hotels & Resorts by 3.8% in the 4th quarter. Xponance Inc. now owns 24,650 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 892 shares in the last quarter. Finally, Cascade Investment Advisors Inc. boosted its holdings in shares of Park Hotels & Resorts by 1.3% in the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider’s stock worth $1,034,000 after purchasing an additional 915 shares in 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 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.