Park Hotels & Resorts (NYSE:PK) Sets New 12-Month High – Still a Buy?

Park Hotels & Resorts Inc. (NYSE:PK)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $15.99 and last traded at $15.8350, with a volume of 194573 shares trading hands. The stock had previously closed at $15.78.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PK shares. Wells Fargo & Company upgraded Park Hotels & Resorts to a “hold” rating in a research note on Thursday, July 23rd. Truist Financial increased their price target on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Morgan Stanley raised their price objective on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Monday, August 10th. Finally, Weiss Ratings raised shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $13.92.

Park Hotels & Resorts Trading Down 0.0%

The firm’s 50-day moving average price is $14.73 and its 200-day moving average price is $12.58. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The company has a market cap of $3.18 billion, a P/E ratio of -19.01, a price-to-earnings-growth ratio of 2.09 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. During the same period in the previous year, the business earned $0.64 EPS. Park Hotels & Resorts’s revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts expect that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

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

Institutional Trading of Park Hotels & Resorts

Institutional investors and hedge funds have recently bought and sold shares of the company. Principal Securities Inc. grew its stake in Park Hotels & Resorts by 9.5% in the 4th quarter. Principal Securities Inc. now owns 10,684 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 927 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Park Hotels & Resorts by 0.5% during 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 in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Park Hotels & Resorts by 10.5% in the second quarter. Versant Capital Management Inc now owns 10,838 shares of the financial services provider’s stock valued at $154,000 after purchasing an additional 1,030 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Park Hotels & Resorts by 68.8% in the first 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 during the period. Finally, Caitlin John LLC grew its stake in Park Hotels & Resorts by 4.6% in the fourth 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 in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

About Park Hotels & Resorts

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.