JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Park Hotels & Resorts (NYSE:PK) Stock

Park Hotels & Resorts (NYSE:PK) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $10.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 4.76% from the stock’s current price.

Several other research firms also recently commented on PK. Truist Financial decreased their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set a “hold” rating for the company in a research report on Tuesday. Zacks Research downgraded Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 14th. Wells Fargo & Company decreased their price objective on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, December 1st. Barclays began coverage on Park Hotels & Resorts in a report on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 target price on the stock. Finally, Morgan Stanley set a $10.00 target price on Park Hotels & Resorts in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts has an average rating of “Reduce” and an average target price of $11.27.

Park Hotels & Resorts Stock Performance

NYSE PK opened at $11.55 on Tuesday. The company has a fifty day simple moving average of $10.94 and a 200 day simple moving average of $11.01. Park Hotels & Resorts has a 12-month low of $8.27 and a 12-month high of $13.30. 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 market cap of $2.31 billion, a P/E ratio of -165.00 and a beta of 1.45.

Insiders Place Their Bets

In related news, Director Christie B. Kelly acquired 2,949 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The stock was acquired 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 owned 150,501 shares of the company’s stock, valued at approximately $1,684,106.19. This represents a 2.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PK. Capital Fund Management S.A. increased its position in Park Hotels & Resorts by 39.1% in the second quarter. Capital Fund Management S.A. now owns 370,803 shares of the financial services provider’s stock worth $3,793,000 after buying an additional 104,307 shares during the last quarter. SAM Advisors LLC bought a new position in shares of Park Hotels & Resorts during the 3rd quarter worth $2,212,000. Squarepoint Ops LLC grew its stake in shares of Park Hotels & Resorts by 370.3% during the 2nd quarter. Squarepoint Ops LLC now owns 432,535 shares of the financial services provider’s stock worth $4,425,000 after acquiring an additional 340,568 shares during the period. Ethic Inc. increased its holdings in Park Hotels & Resorts by 179.5% in the 2nd quarter. Ethic Inc. now owns 38,789 shares of the financial services provider’s stock worth $408,000 after acquiring an additional 24,911 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in Park Hotels & Resorts in the 2nd quarter valued at about $113,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

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.