Park Hotels & Resorts (PK) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Park Hotels & Resorts (NYSE:PK) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Park Hotels & Resorts Inc. is a lodging Real Estate Company. The company operates luxury hotels and resorts in USA and international market. Park Hotels & Resorts Inc. is based in Mc Lean, Virginia. “
Several other analysts also recently issued reports on PK. Evercore ISI downgraded Park Hotels & Resorts from an outperform rating to an in-line rating in a research note on Monday, August 20th. SunTrust Banks reissued a buy rating on shares of Park Hotels & Resorts in a research note on Friday, August 3rd. Barclays reissued a buy rating on shares of Park Hotels & Resorts in a research note on Friday, August 3rd. Finally, Jefferies Financial Group set a $38.00 target price on Park Hotels & Resorts and gave the company a buy rating in a research note on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $31.28.
Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. Park Hotels & Resorts had a return on equity of 8.41% and a net margin of 19.08%. The firm had revenue of $731.00 million for the quarter, compared to analysts’ expectations of $696.01 million. During the same period in the previous year, the firm earned $0.81 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. As a group, equities analysts forecast that Park Hotels & Resorts will post 2.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 5.86%. The ex-dividend date is Thursday, September 27th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 61.87%.
A number of institutional investors and hedge funds have recently modified their holdings of PK. Envestnet Asset Management Inc. raised its stake in Park Hotels & Resorts by 94.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 5,371 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 2,611 shares during the period. First Republic Investment Management Inc. bought a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $213,000. Hollencrest Capital Management bought a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $221,000. Raymond James Trust N.A. bought a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $248,000. Finally, Hartford Investment Management Co. bought a new stake in Park Hotels & Resorts in the 2nd quarter worth approximately $259,000.
Park Hotels & Resorts Company Profile
Park is a leading lodging REIT with a diverse portfolio of hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.
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