Truist slashes price target on Park Hotels & Resorts Inc. [PK] – find out why.

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Park Hotels & Resorts Inc. [NYSE: PK] gained 5.88% on the last trading session, reaching $13.86 price per share at the time. The company report on June 23, 2022 that Park Hotels & Resorts Inc. Completes the Sales of the Homewood Suites by Hilton Seattle Convention Center and Its 25% Joint Venture Interest in the Hilton San Diego Bayfront.


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Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it has closed on the sale of the 195-room Homewood Suites by Hilton Seattle Convention Center Pike Street in Seattle, WA and completed the previously-announced sale of its 25% joint venture interest in the 1,190-room Hilton San Diego Bayfront in San Diego, CA. Combined gross proceeds for the two transactions totaled $237 million, which includes Park’s $55 million pro-rata share of secured debt on the Hilton San Diego Bayfront. Excluding anticipated capital expenditures, the combined sale price represents a 6.3% capitalization rate on 2019 net operating income, or 14.0x multiple on 2019 EBITDA. Proceeds from the sales will be used for general corporate purposes.

“I am pleased with the progress we have made toward our targeted goal of $200 million to $300 million of asset sales in 2022. Year to date, we have sold interests in four hotels for combined gross proceeds of approximately $260 million at attractive pricing, with one additional non-core hotel currently under contract for $9.4 million. Our aggressive capital recycling program represents our on-going commitment to reduce net leverage and better position our portfolio for long-term, sustainable growth,” commented Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park.

Park Hotels & Resorts Inc. represents 235.00 million in outstanding shares, while the company has a total market value of $3.24 billion with the latest information. PK stock price has been found in the range of $13.15 to $14.075.

If compared to the average trading volume of 4.03M shares, PK reached a trading volume of 8444781 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 0.83, with the Price to Sales ratio for PK stock in the period of the last 12 months amounting to 1.93. The Price to Book ratio for the last quarter was 0.75, with the Price to Cash per share for the same quarter was set at 2.74.

Trading performance analysis for PK stock

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 0.95. With this latest performance, PK shares dropped by -26.90% in over the last four-week period, additionally sinking by -29.07% over the last 6 months – not to mention a drop of -27.32% 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 38.24, with the RSI for the last a single of trading hit 40.84, and the three-weeks RSI is set at 38.46 for Park Hotels & Resorts Inc. [PK]. The present Moving Average for the last 50 days of trading for this stock 16.97, while it was recorded at 13.54 for the last single week of trading, and 18.38 for the last 200 days.

Park Hotels & Resorts Inc. [PK]: A deeper dive into fundamental analysis

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.

An analysis of insider ownership at Park Hotels & Resorts Inc. [PK]

There are presently around $2,921 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 $412.2 million in PK stocks shares; and PGGM INVESTMENTS, currently with $190.97 million in PK stock with ownership of nearly 0% of the company’s market capitalization.

151 institutional holders increased their position in Park Hotels & Resorts Inc. [NYSE:PK] by around 19,655,980 shares. Additionally, 140 investors decreased positions by around 28,155,768 shares, while 50 investors held positions by with 162,956,907 shares. The mentioned changes placed institutional holdings at 210,768,655 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 38 institutional investors sold positions of 2,781,772 shares during the same period.

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