Park Hotels & Resorts (NYSE:PK) Sets New 1-Year High - Here's What Happened

Key Points

• Park Hotels & Resorts shares reached a new 52-week high of $15.99, trading above both their 50-day and 200-day moving averages. The company has a $3.18 billion market capitalization.
• Analysts maintain a consensus “Hold” rating with a $13.92 price target, despite Deutsche Bank’s $18 “Buy” target and several recent target-price increases.
• The company reported quarterly revenue of $680 million and adjusted earnings of $0.24 per share, while declaring a $0.25 quarterly dividend, equivalent to a 6.3% annualized yield.

Park Hotels & Resorts Inc. (NYSE:PK - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock 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.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PK shares. Wells Fargo & Company raised Park Hotels & Resorts to a "hold" rating in a research report on Thursday, July 23rd. Barclays lifted their price target on Park Hotels & Resorts from $9.00 to $12.00 and gave the company an "equal weight" rating in a research note on Monday, June 1st. Weiss Ratings upgraded Park Hotels & Resorts from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Truist Financial upped their target price 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. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $18.00 price objective on shares of Park Hotels & Resorts in a report on Friday, August 14th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Park Hotels & Resorts presently has a consensus rating of "Hold" and a consensus target price of $13.92.

Park Hotels & Resorts Price Performance

The firm has a market cap of $3.18 billion, a P/E ratio of -19.01, a P/E/G ratio of 2.09 and a beta of 1.34. The company has a fifty day moving average of $14.73 and a 200-day moving average of $12.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.53 and a quick ratio of 1.53.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $680.00 million for the quarter, compared to analysts' expectations 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 business's revenue was up 1.2% on a year-over-year basis. During the same period last year, the business earned $0.64 EPS. On average, sell-side analysts anticipate that Park Hotels & Resorts Inc. will post 1.79 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis 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 Investors Weigh In On Park Hotels & Resorts

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in Park Hotels & Resorts by 1,211.0% in the 2nd quarter. California State Teachers Retirement System now owns 3,181,840 shares of the financial services provider's stock valued at $45,341,000 after buying an additional 2,939,133 shares during the last quarter. AlphaGrep UK Ltd purchased a new position in shares of Park Hotels & Resorts in the 2nd quarter worth approximately $314,000. Syon Capital LLC grew its holdings in shares of Park Hotels & Resorts by 18.7% in the second quarter. Syon Capital LLC now owns 42,424 shares of the financial services provider's stock valued at $605,000 after acquiring an additional 6,697 shares in the last quarter. AXQ Capital LP grew its holdings in shares of Park Hotels & Resorts by 154.2% in the second quarter. AXQ Capital LP now owns 58,260 shares of the financial services provider's stock valued at $830,000 after acquiring an additional 35,338 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Park Hotels & Resorts during the second quarter valued at approximately $67,000. 92.69% of the stock is owned by 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.

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