Park Hotels & Resorts (NYSE:PK) Reaches New 12-Month High - Here's What Happened

Key Points

• Park Hotels & Resorts shares reached a new 52-week high, trading as high as $15.49 and up 2.8% from the prior close.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $13.92; the latest quarterly results matched EPS expectations and exceeded revenue estimates.
• The company declared a quarterly dividend of $0.25, equivalent to $1.00 annually and a 6.5% yield, while institutional investors own 92.69% of outstanding shares.

Park Hotels & Resorts Inc. (NYSE:PK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $15.49 and last traded at $15.4650, with a volume of 2054821 shares. The stock had previously closed at $15.00.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PK. Cantor Fitzgerald lifted their price objective on Park Hotels & Resorts from $12.00 to $15.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Truist Financial raised their price target on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a "hold" rating in a research report on Tuesday, May 26th. Wells Fargo & Company raised Park Hotels & Resorts to a "hold" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price objective on shares of Park Hotels & Resorts from $13.00 to $14.00 and gave the stock 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 report on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $13.92.

Park Hotels & Resorts Stock Up 2.8%

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 firm has a 50 day moving average of $14.62 and a two-hundred day moving average of $12.44. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of -18.58, a price-to-earnings-growth ratio of 2.00 and a beta of 1.34.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. Park Hotels & Resorts had a negative return on equity of 5.23% and a negative net margin of 6.41%.The firm had revenue of $680.00 million during the quarter, compared to the consensus estimate of $659.68 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The business's quarterly revenue was up 1.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.79 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 6.5%. Park Hotels & Resorts's dividend payout ratio (DPR) is currently -120.48%.

Institutional Investors Weigh In On Park Hotels & Resorts

Hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in Park Hotels & Resorts in the second quarter valued at about $444,311,000. Donald Smith & CO. Inc. raised its holdings in Park Hotels & Resorts by 14.2% in the 4th quarter. Donald Smith & CO. Inc. now owns 14,617,921 shares of the financial services provider's stock valued at $152,903,000 after buying an additional 1,813,338 shares during the last quarter. Bank of America Corp DE raised its holdings in Park Hotels & Resorts by 1.6% in the 3rd quarter. Bank of America Corp DE now owns 13,074,474 shares of the financial services provider's stock valued at $144,865,000 after buying an additional 203,922 shares during the last quarter. AQR Capital Management LLC boosted its position in Park Hotels & Resorts by 76.7% during the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider's stock worth $79,230,000 after buying an additional 3,361,382 shares during the period. Finally, Sculptor Capital LP grew its holdings in Park Hotels & Resorts by 154.1% during the 2nd quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider's stock worth $66,844,000 after acquiring an additional 3,962,304 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

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.

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