Park Hotels & Resorts Inc. (NYSE:PK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Park Hotels & Resorts Inc. is a lodging Real Estate Company. The company operates luxury hotels and resorts in USA and international market. Park Hotels & Resorts Inc. is based in Mc Lean, Virginia. “

PK has been the topic of a number of other reports. Susquehanna Bancshares Inc began coverage on Park Hotels & Resorts in a report on Wednesday, April 26th. They issued a “neutral” rating and a $28.00 price objective on the stock. UBS AG began coverage on Park Hotels & Resorts in a report on Wednesday, April 26th. They issued a “neutral” rating on the stock. Canaccord Genuity decreased their price objective on Park Hotels & Resorts from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Friday, August 4th. J P Morgan Chase & Co began coverage on Park Hotels & Resorts in a report on Thursday, June 15th. They issued an “overweight” rating and a $30.00 price objective on the stock. Finally, Evercore ISI began coverage on Park Hotels & Resorts in a report on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 price objective on the stock. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $34.80.

Shares of Park Hotels & Resorts (PK) opened at 26.37 on Wednesday. The firm’s 50-day moving average is $26.77 and its 200-day moving average is $26.54. The firm has a market cap of $5.67 billion and a P/E ratio of 2.26. Park Hotels & Resorts has a 1-year low of $24.65 and a 1-year high of $33.40.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The firm had revenue of $733 million during the quarter, compared to analyst estimates of $716.51 million. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts anticipate that Park Hotels & Resorts will post $11.93 EPS for the current fiscal year.

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In related news, Director Stephen I. Sadove bought 9,600 shares of Park Hotels & Resorts stock in a transaction dated Friday, August 4th. The shares were bought at an average cost of $25.97 per share, with a total value of $249,312.00. Following the acquisition, the director now owns 20,151 shares in the company, valued at approximately $523,321.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Cbre Clarion Securities LLC raised its stake in Park Hotels & Resorts by 883.4% in the second quarter. Cbre Clarion Securities LLC now owns 6,037,093 shares of the financial services provider’s stock valued at $162,760,000 after buying an additional 5,423,181 shares during the period. Southeastern Asset Management Inc. TN bought a new stake in Park Hotels & Resorts during the second quarter valued at about $110,520,000. BlackRock Inc. raised its stake in Park Hotels & Resorts by 57.5% in the second quarter. BlackRock Inc. now owns 9,743,370 shares of the financial services provider’s stock valued at $262,679,000 after buying an additional 3,558,810 shares during the period. Vanguard Group Inc. raised its stake in Park Hotels & Resorts by 15.1% in the second quarter. Vanguard Group Inc. now owns 22,577,650 shares of the financial services provider’s stock valued at $608,693,000 after buying an additional 2,963,035 shares during the period. Finally, State Street Corp raised its stake in Park Hotels & Resorts by 137.0% in the second quarter. State Street Corp now owns 3,664,272 shares of the financial services provider’s stock valued at $98,791,000 after buying an additional 2,118,313 shares during the period. 96.96% of the stock is currently owned by institutional investors.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.

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Analyst Recommendations for Park Hotels & Resorts (NYSE:PK)

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