Park Hotels & Resorts Inc. [NYSE: PK] surged by $0.54 during the normal trading session on Wednesday and reaching a high of $18.865 during the day while it closed the day at $18.60. The company report on June 1, 2022 that Park Hotels & Resorts Inc. Announces Disposition of Its 25% Joint Venture Interest in Hilton San Diego Bayfront to Sunstone Hotel Investors, Inc..
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Park Hotels & Resorts Inc. (“Park”) (NYSE:PK) announced that it has entered into a definitive agreement with affiliates of Sunstone Hotel Investors, Inc. (“Sunstone”) (NYSE:SHO) for Park to sell its 25% interest in the joint venture owning the 1,190-room Hilton San Diego Bayfront (the “Hilton Bayfront”) to Sunstone for a sale price of $102 million plus Park’s allocated share of reserves and working capital.
The sale price represents a $628 million valuation for the Hilton Bayfront, or approximately $528,000 per key, after accounting for the $220 million secured loan in place on the asset. The sale price represents a 6.5% capitalization rate on the hotel’s 2019 net operating income, or 13.4x the Hotel’s 2019 EBITDA. The closing will be subject to customary closing conditions and third-party consents.
Park Hotels & Resorts Inc. stock has also gained 15.53% of its value over the past 7 days. However, PK stock has declined by -1.17% in the 3 months of the year. Over the past six months meanwhile, it has gained 11.78% and lost -1.48% year-on date.
The market cap for PK stock reached $4.18 billion, with 235.00 million shares outstanding and 230.74 million shares in the current float. Compared to the average trading volume of 3.51M shares, PK reached a trading volume of 6319408 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Park Hotels & Resorts Inc. [PK]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PK shares is $22.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PK stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Truist have made an estimate for Park Hotels & Resorts Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 01, 2022. While these analysts kept the previous recommendation, Jefferies dropped their target price from $25 to $19. The new note on the price target was released on March 30, 2022, representing the official price target for Park Hotels & Resorts Inc. stock. Previously, the target price had yet another drop from $24 to $23, while BofA Securities kept a Neutral rating on PK stock. On December 15, 2021, analysts decreased their price target for PK shares from 20 to 18.
The Average True Range (ATR) for Park Hotels & Resorts Inc. is set at 0.90, with the Price to Sales ratio for PK stock in the period of the last 12 months amounting to 2.49. The Price to Book ratio for the last quarter was 1.01, with the Price to Cash per share for the same quarter was set at 2.85.
PK stock trade performance evaluation
Park Hotels & Resorts Inc. [PK] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.53. With this latest performance, PK shares dropped by -4.96% in over the last four-week period, additionally plugging by 11.78% over the last 6 months – not to mention a drop of -12.02% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PK stock in for the last two-week period is set at 53.32, with the RSI for the last a single of trading hit 57.66, and the three-weeks RSI is set at 51.48 for Park Hotels & Resorts Inc. [PK]. The present Moving Average for the last 50 days of trading for this stock 18.67, while it was recorded at 17.91 for the last single week of trading, and 18.77 for the last 200 days.
Park Hotels & Resorts Inc. [PK]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Park Hotels & Resorts Inc. [PK] shares currently have an operating margin of -12.11 and a Gross Margin at -3.96. Park Hotels & Resorts Inc.’s Net Margin is presently recorded at -33.70.
Return on Equity for this stock declined to -9.82, with Return on Assets sitting at -4.52.
Park Hotels & Resorts Inc. [PK]: Insider Ownership positions
There are presently around $3,808 million, or 93.60% of PK stock, in the hands of institutional investors. The top three institutional holders of PK stocks are: VANGUARD GROUP INC with ownership of 33,696,042, which is approximately 1.712% of the company’s market cap and around 1.10% of the total institutional ownership; BLACKROCK INC., holding 29,740,571 shares of the stock with an approximate value of $537.12 million in PK stocks shares; and PGGM INVESTMENTS, currently with $248.84 million in PK stock with ownership of nearly 0% of the company’s market capitalization.
Positions in Park Hotels & Resorts Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 153 institutional holders increased their position in Park Hotels & Resorts Inc. [NYSE:PK] by around 19,695,225 shares. Additionally, 140 investors decreased positions by around 28,262,797 shares, while 52 investors held positions by with 162,906,962 shares. The mentioned changes placed institutional holdings at 210,864,984 shares, according to the latest SEC report filing. PK stock had 42 new institutional investments in for a total of 6,193,688 shares, while 40 institutional investors sold positions of 2,897,106 shares during the same period.