Truist Financial Cuts Park Hotels & Resorts (NYSE:PK) Price Target to $11.00

Park Hotels & Resorts (NYSE:PK) had its price objective reduced by research analysts at Truist Financial from $12.00 to $11.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target points to a potential downside of 1.21% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Monday, December 1st. 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 research note on Monday, October 6th. Morgan Stanley set a $10.00 target price on shares of Park Hotels & Resorts in a report on Friday, January 16th. Evercore ISI reduced their price objective on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a research report on Thursday, November 20th. Finally, Barclays assumed coverage on shares of Park Hotels & Resorts in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 price target on the stock. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $11.18.

Park Hotels & Resorts Stock Performance

PK traded up $0.20 during midday trading on Tuesday, reaching $11.14. The company’s stock had a trading volume of 163,614 shares, compared to its average volume of 3,985,457. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.37. The company has a fifty day simple moving average of $10.92 and a 200 day simple moving average of $11.01. Park Hotels & Resorts has a twelve month low of $8.27 and a twelve month high of $13.30. The stock has a market cap of $2.23 billion, a P/E ratio of -158.93 and a beta of 1.45.

Insiders Place Their Bets

In other news, Director Christie B. Kelly acquired 2,949 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was purchased at an average price of $11.19 per share, for a total transaction of $32,999.31. Following the completion of the acquisition, the director directly owned 150,501 shares in the company, valued at $1,684,106.19. The trade was a 2.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Park Hotels & Resorts

Hedge funds have recently made changes to their positions in the business. Sculptor Capital LP grew its stake 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 valued at $66,844,000 after buying an additional 3,962,304 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 3,361,382 shares in the last quarter. Bank of America Corp DE boosted its stake in Park Hotels & Resorts by 34.6% in the second 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Park Hotels & Resorts in the 3rd quarter worth $20,905,000. Finally, Allianz Asset Management GmbH lifted its stake 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 valued at $49,278,000 after acquiring an additional 1,023,400 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Park Hotels & Resorts Company Profile

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.