Park Hotels & Resorts (NYSE:PK) Posts Earnings Results, Misses Expectations By $1.50 EPS

Park Hotels & Resorts (NYSE:PK) issued its quarterly earnings results on Thursday. The financial services provider reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($1.50), FiscalAI reports. Park Hotels & Resorts had a negative net margin of 0.47% and a negative return on equity of 1.25%. The company had revenue of $629.00 million during the quarter, compared to the consensus estimate of $621.79 million.

Park Hotels & Resorts Trading Down 0.3%

Shares of PK stock traded down $0.03 during mid-day trading on Thursday, reaching $11.40. 5,007,562 shares of the stock traded hands, compared to its average volume of 4,149,423. Park Hotels & Resorts has a 1-year low of $8.27 and a 1-year high of $13.20. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -162.86 and a beta of 1.45. The stock’s fifty day simple moving average is $11.10 and its two-hundred day simple moving average is $11.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37.

Analyst Upgrades and Downgrades

PK has been the topic of several analyst reports. Evercore reduced their target price on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating on the stock in a report on Thursday, November 20th. Truist Financial decreased their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating on the stock in a report on Tuesday, February 3rd. Zacks Research downgraded shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 14th. Weiss Ratings upgraded shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Finally, Barclays started coverage on Park Hotels & Resorts in a research note on Tuesday, January 6th. They set an “overweight” rating and a $13.00 target price for the company. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $11.27.

Insider Activity

In related news, Director Christie B. Kelly acquired 2,949 shares of Park Hotels & Resorts stock in a transaction dated Wednesday, January 14th. The shares were purchased at an average cost of $11.19 per share, with a total value of $32,999.31. Following the completion of the purchase, the director owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This represents a 2.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Park Hotels & Resorts

A number of institutional investors have recently made changes to their positions in PK. Amundi raised its holdings in Park Hotels & Resorts by 1.9% during the 1st quarter. Amundi now owns 115,143 shares of the financial services provider’s stock valued at $1,119,000 after buying an additional 2,179 shares during the last quarter. Millennium Management LLC raised its stake in shares of Park Hotels & Resorts by 849.3% during the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock valued at $5,595,000 after acquiring an additional 468,668 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Park Hotels & Resorts during the first quarter worth about $152,000. Empowered Funds LLC grew its stake in shares of Park Hotels & Resorts by 10.1% in the first quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock worth $239,000 after purchasing an additional 2,058 shares during the last quarter. Finally, Focus Partners Wealth increased its holdings in Park Hotels & Resorts by 30.6% during the 1st quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 4,374 shares during the period. 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.