Wolfe Research cut shares of Park Hotels & Resorts (NYSE:PK – Free Report) from an outperform rating to a peer perform rating in a report issued on Thursday, Marketbeat.com reports.
A number of other brokerages also recently commented on PK. Evercore ISI lowered their price objective on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an outperform rating on the stock in a research report on Tuesday, August 13th. Truist Financial decreased their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, September 4th. UBS Group dropped their price target on shares of Park Hotels & Resorts from $18.00 to $14.00 and set a neutral rating on the stock in a research note on Friday, August 16th. Finally, Wells Fargo & Company reduced their price objective on Park Hotels & Resorts from $17.00 to $14.50 and set an equal weight rating for the company in a research report on Friday, September 13th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $17.05.
Read Our Latest Analysis on PK
Park Hotels & Resorts Price Performance
Park Hotels & Resorts (NYSE:PK – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.30). The business had revenue of $686.00 million for the quarter, compared to analyst estimates of $694.94 million. Park Hotels & Resorts had a net margin of 11.50% and a return on equity of 8.77%. Equities analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current fiscal year.
Park Hotels & Resorts Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date is Monday, September 30th. Park Hotels & Resorts’s payout ratio is 227.28%.
Institutional Investors Weigh In On Park Hotels & Resorts
A number of large investors have recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC bought a new stake in Park Hotels & Resorts during the first quarter valued at about $26,000. Raleigh Capital Management Inc. acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth about $35,000. YHB Investment Advisors Inc. bought a new stake in Park Hotels & Resorts during the 1st quarter valued at approximately $40,000. Quarry LP grew its holdings in Park Hotels & Resorts by 82.1% in the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after buying an additional 1,857 shares during the last quarter. Finally, FinTrust Capital Advisors LLC increased its position in Park Hotels & Resorts by 260.5% in the 1st quarter. FinTrust Capital Advisors LLC now owns 5,076 shares of the financial services provider’s stock worth $89,000 after buying an additional 3,668 shares during the period. Institutional investors own 92.69% of the company’s stock.
About Park Hotels & Resorts
Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts with over 26,000 rooms primarily located in prime city center and resort locations.
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