StockNews.com cut shares of Park Hotels & Resorts (NYSE:PK – Free Report) from a hold rating to a sell rating in a research report released on Thursday.
Other research analysts have also issued research reports about the company. Barclays boosted their price objective on Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an overweight rating in a report on Friday, March 1st. UBS Group boosted their price objective on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. Truist Financial upped their target price on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a buy rating in a research note on Thursday, March 14th. Jefferies Financial Group raised Park Hotels & Resorts from a hold rating to a buy rating and upped their target price for the stock from $14.00 to $21.00 in a research note on Tuesday, January 2nd. Finally, Citigroup raised Park Hotels & Resorts from a neutral rating to a buy rating and upped their target price for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts presently has an average rating of Hold and an average price target of $17.58.
Park Hotels & Resorts Stock Performance
Park Hotels & Resorts stock traded down $0.06 during midday trading on Thursday, reaching $17.11. The stock had a trading volume of 1,440,406 shares, compared to its average volume of 2,931,028. Park Hotels & Resorts has a 12 month low of $11.05 and a 12 month high of $18.05. The firm’s 50-day moving average price is $16.37 and its 200 day moving average price is $14.87. The firm has a market capitalization of $3.60 billion, a PE ratio of 37.33, a P/E/G ratio of 0.66 and a beta of 2.03. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19.
Park Hotels & Resorts (NYSE:PK – Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. The firm had revenue of $657.00 million for the quarter, compared to analysts’ expectations of $665.16 million. As a group, research analysts predict that Park Hotels & Resorts will post 2 earnings per share for the current fiscal year.
Park Hotels & Resorts Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.84%. The ex-dividend date is Wednesday, March 27th. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.15. Park Hotels & Resorts’s dividend payout ratio is 217.39%.
Hedge Funds Weigh In On Park Hotels & Resorts
A number of hedge funds and other institutional investors have recently made changes to their positions in PK. Vanguard Group Inc. raised its holdings in shares of Park Hotels & Resorts by 1.7% during the first quarter. Vanguard Group Inc. now owns 33,696,042 shares of the financial services provider’s stock valued at $658,084,000 after acquiring an additional 567,015 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Park Hotels & Resorts by 0.9% during the first quarter. BlackRock Inc. now owns 30,213,527 shares of the financial services provider’s stock valued at $373,439,000 after acquiring an additional 278,266 shares in the last quarter. State Street Corp raised its holdings in shares of Park Hotels & Resorts by 5.4% during the second quarter. State Street Corp now owns 13,036,934 shares of the financial services provider’s stock valued at $177,037,000 after acquiring an additional 662,640 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Park Hotels & Resorts by 54.6% during the second quarter. Goldman Sachs Group Inc. now owns 11,358,377 shares of the financial services provider’s stock valued at $145,614,000 after acquiring an additional 4,010,239 shares in the last quarter. Finally, Rush Island Management LP raised its holdings in shares of Park Hotels & Resorts by 11.3% during the second quarter. Rush Island Management LP now owns 7,020,333 shares of the financial services provider’s stock valued at $90,001,000 after acquiring an additional 714,008 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.
About Park Hotels & Resorts
Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.