Park Hotels & Resorts (NYSE:PK) Given New $12.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised its price target for Park Hotels & Resorts from $11.00 to $12.00, indicating a potential upside of 2.70% based on the stock's previous close.
• Park Hotels & Resorts has received mixed ratings from analysts, with three rating it as a Buy, six as a Hold, and two as a Sell, while maintaining a consensus rating of "Hold" with an average price target of $12.22.
• In its most recent earnings report, Park Hotels & Resorts posted $0.64 EPS, exceeding analyst expectations, despite a year-over-year revenue decline of 2.0%.

Park Hotels & Resorts (NYSE:PK - Free Report) had its price objective hoisted by Wells Fargo & Company from $11.00 to $12.00 in a report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

A number of other research firms have also weighed in on PK. JPMorgan Chase & Co. started coverage on Park Hotels & Resorts in a research note on Monday, June 23rd. They issued an "underweight" rating and a $10.00 price objective for the company. Wall Street Zen lowered Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Morgan Stanley reaffirmed an "outperform" rating on shares of Park Hotels & Resorts in a research note on Tuesday, July 15th. Citigroup reaffirmed a "buy" rating on shares of Park Hotels & Resorts in a research note on Thursday, May 22nd. Finally, Evercore ISI lowered Park Hotels & Resorts from an "outperform" rating to an "in-line" rating and set a $13.00 price objective for the company. in a research note on Friday, May 16th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts has an average rating of "Hold" and a consensus price target of $12.22.

Park Hotels & Resorts Stock Performance

NYSE:PK traded up $0.03 during mid-day trading on Wednesday, hitting $11.79. 2,540,287 shares of the company traded hands, compared to its average volume of 3,720,056. The stock's fifty day moving average price is $10.90 and its 200-day moving average price is $10.81. Park Hotels & Resorts has a one year low of $8.27 and a one year high of $16.23. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.35. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 43.67 and a beta of 1.80.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.07. The business had revenue of $672.00 million during the quarter, compared to analyst estimates of $672.37 million. Park Hotels & Resorts had a return on equity of 0.76% and a net margin of 2.25%.Park Hotels & Resorts's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 earnings per share. Park Hotels & Resorts has set its FY 2025 guidance at 1.820-2.080 EPS. Research analysts anticipate that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 8.5%. Park Hotels & Resorts's dividend payout ratio is presently 370.37%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. boosted its stake in Park Hotels & Resorts by 7.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider's stock valued at $168,000 after buying an additional 813 shares during the last quarter. California State Teachers Retirement System raised its position in 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 purchasing an additional 968 shares during the period. IFM Investors Pty Ltd raised its position in Park Hotels & Resorts by 2.2% during the first quarter. IFM Investors Pty Ltd now owns 48,266 shares of the financial services provider's stock valued at $515,000 after purchasing an additional 1,043 shares during the period. Nissay Asset Management Corp Japan ADV raised its position in Park Hotels & Resorts by 3.6% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 32,929 shares of the financial services provider's stock valued at $491,000 after purchasing an additional 1,139 shares during the period. Finally, Tidal Investments LLC raised its position in Park Hotels & Resorts by 6.3% during the fourth quarter. Tidal Investments LLC now owns 20,754 shares of the financial services provider's stock valued at $292,000 after purchasing an additional 1,232 shares during the period. 92.69% of the stock is owned by institutional investors.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.