Park Hotels & Resorts (NYSE:PK) Sets New 12-Month High – Here’s What Happened

Park Hotels & Resorts Inc. (NYSE:PK) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $15.49 and last traded at $15.4650, with a volume of 2054821 shares changing hands. The stock had previously closed at $15.00.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PK shares. JPMorgan Chase & Co. lifted their target price on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday, August 14th. BMO Capital Markets reiterated a “market perform” rating and issued a $14.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, June 12th. Truist Financial increased their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts has a consensus rating of “Hold” and a consensus price target of $13.92.

Park Hotels & Resorts Stock Performance

The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53. The stock’s 50-day simple moving average is $14.68 and its two-hundred day simple moving average is $12.51. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of -19.04, a price-to-earnings-growth ratio of 2.03 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. Analysts forecast that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently -120.48%.

Institutional Trading of Park Hotels & Resorts

Several institutional investors have recently made changes to their positions in PK. Principal Securities Inc. lifted its stake in Park Hotels & Resorts by 9.5% during the fourth quarter. Principal Securities Inc. now owns 10,684 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 927 shares during the period. California State Teachers Retirement System grew its position in Park Hotels & Resorts by 0.5% in the second quarter. California State Teachers Retirement System now owns 192,452 shares of the financial services provider’s stock valued at $1,969,000 after acquiring an additional 968 shares during the period. Versant Capital Management Inc raised its stake in Park Hotels & Resorts by 10.5% during the second quarter. Versant Capital Management Inc now owns 10,838 shares of the financial services provider’s stock worth $154,000 after acquiring an additional 1,030 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Park Hotels & Resorts by 68.8% in the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Caitlin John LLC grew its holdings in shares of Park Hotels & Resorts by 4.6% in the 4th quarter. Caitlin John LLC now owns 24,774 shares of the financial services provider’s stock worth $259,000 after purchasing an additional 1,100 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.