Park Hotels & Resorts (NYSE:PK) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Park Hotels & Resorts (NYSE:PK) from a sell rating to a hold rating in a research note released on Monday morning.

A number of other brokerages have also issued reports on PK. Wells Fargo & Company lifted their price target on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, December 9th. Truist Financial dropped their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. Bank of America reduced their price target on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Compass Point lowered their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, UBS Group upped their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.55.

Park Hotels & Resorts Stock Performance

Shares of PK stock opened at $14.71 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The company’s fifty day moving average price is $14.86 and its two-hundred day moving average price is $14.65. The firm has a market capitalization of $3.04 billion, a P/E ratio of 9.37, a P/E/G ratio of 6.90 and a beta of 2.03. Park Hotels & Resorts has a 12 month low of $13.23 and a 12 month high of $18.05.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The business had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same quarter last year, the firm posted $0.51 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. On average, research analysts anticipate that Park Hotels & Resorts will post 1.96 earnings per share for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.65 dividend. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, December 31st. This represents a $2.60 annualized dividend and a dividend yield of 17.68%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 63.69%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PK. JPMorgan Chase & Co. boosted its holdings in shares of Park Hotels & Resorts by 18.4% during the third quarter. JPMorgan Chase & Co. now owns 3,488,097 shares of the financial services provider’s stock valued at $49,182,000 after acquiring an additional 540,920 shares during the period. Franklin Resources Inc. lifted its position in Park Hotels & Resorts by 43.6% in the 3rd quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after purchasing an additional 208,877 shares during the last quarter. Tidal Investments LLC boosted its stake in Park Hotels & Resorts by 5.5% during the 3rd quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock valued at $275,000 after purchasing an additional 1,020 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Park Hotels & Resorts in the 3rd quarter worth about $477,000. Finally, Barclays PLC increased its stake in shares of Park Hotels & Resorts by 22.4% in the third quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock valued at $4,507,000 after purchasing an additional 58,432 shares during the period. 92.69% of the stock is currently owned by institutional investors.

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.