Park Hotels & Resorts (NYSE:PK) Price Target Raised to $17.00

Park Hotels & Resorts (NYSE:PK) had its target price upped by Cantor Fitzgerald from $15.00 to $17.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on PK. BMO Capital Markets raised Park Hotels & Resorts from a “market perform” rating to an “outperform” rating and upped their price target for the company from $14.00 to $18.00 in a report on Tuesday, September 1st. JPMorgan Chase & Co. increased their price objective on Park Hotels & Resorts from $14.00 to $16.00 and gave the company an “underweight” rating in a research report on Wednesday, October 21st. Zacks Research upgraded Park Hotels & Resorts from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Evercore set a $17.00 target price on Park Hotels & Resorts in a research report on Monday, October 26th. Finally, Weiss Ratings raised Park Hotels & Resorts from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $16.82.

Park Hotels & Resorts Stock Performance

Shares of Park Hotels & Resorts stock opened at $16.26 on Tuesday. The stock has a market cap of $3.29 billion, a price-to-earnings ratio of 8.01 and a beta of 1.41. The firm’s 50-day moving average is $15.76 and its 200 day moving average is $13.46. Park Hotels & Resorts has a 1 year low of $9.84 and a 1 year high of $17.14. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.47 and a quick ratio of 1.47.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, November 4th. The financial services provider reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.12). The firm had revenue of $602.00 million for the quarter, compared to the consensus estimate of $601.95 million. Park Hotels & Resorts had a negative net margin of 6.51% and a negative return on equity of 5.45%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.35 earnings per share. Sell-side analysts anticipate that Park Hotels & Resorts will post 1.87 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Thursday, December 31st. Park Hotels & Resorts’s dividend payout ratio is currently -117.65%.

Institutional Investors Weigh In On Park Hotels & Resorts

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in shares of Park Hotels & Resorts in the 2nd quarter worth about $25,000. Fifth Third Bancorp increased its position in shares of Park Hotels & Resorts by 68.8% during the 1st quarter. Fifth Third Bancorp now owns 2,604 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,061 shares during the last quarter. Nykredit A S bought a new position in shares of Park Hotels & Resorts during the 2nd quarter valued at approximately $67,000. IFP Advisors Inc increased its position in shares of Park Hotels & Resorts by 182.5% during the 2nd quarter. IFP Advisors Inc now owns 5,065 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 3,272 shares during the last quarter. Finally, Allworth Financial LP purchased a new stake in Park Hotels & Resorts during the 2nd quarter valued at $73,000. 92.69% of the stock is owned by institutional investors.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc. is a lodging real estate investment trust that owns and manages a portfolio of hotels and resorts. Its properties are generally operated by hotel companies under well-known brands, while Park focuses on hotel ownership and asset management. The company’s portfolio includes luxury and full-service properties serving business and leisure travelers. Many of its hotels operate under Hilton-affiliated brands, including Hilton, Waldorf Astoria, Conrad, DoubleTree and Embassy Suites.