Park Hotels & Resorts Inc. (NYSE:PK) to Issue Quarterly Dividend of $0.25

Park Hotels & Resorts Inc. (NYSE:PK) announced a quarterly dividend on Friday, April 19th, Zacks reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.25 per share by the financial services provider on Monday, July 15th. This represents a $1.00 annualized dividend and a yield of 6.81%. The ex-dividend date is Friday, June 28th.

Park Hotels & Resorts has raised its dividend by an average of 10.1% per year over the last three years. Park Hotels & Resorts has a dividend payout ratio of 108.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Park Hotels & Resorts to earn $2.22 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 45.0%.

Park Hotels & Resorts Trading Down 0.2 %

Shares of NYSE:PK opened at $14.70 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.20. The company’s 50-day moving average price is $15.73 and its 200 day moving average price is $16.13. The company has a market cap of $3.09 billion, a PE ratio of 33.40, a P/E/G ratio of 0.72 and a beta of 2.01. Park Hotels & Resorts has a fifty-two week low of $11.05 and a fifty-two week high of $18.05.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.17). The business had revenue of $639.00 million for the quarter, compared to analyst estimates of $630.46 million. Park Hotels & Resorts had a return on equity of 3.08% and a net margin of 3.42%. Sell-side analysts anticipate that Park Hotels & Resorts will post 2.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PK. Citigroup raised shares of Park Hotels & Resorts from a “neutral” rating to a “buy” rating and raised their target price for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. Wedbush restated a “neutral” rating and issued a $17.00 target price on shares of Park Hotels & Resorts in a research report on Tuesday, May 28th. Truist Financial dropped their price objective on Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Evercore ISI raised Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and raised their target price for the company from $19.00 to $20.00 in a research note on Wednesday, May 15th. Finally, Barclays boosted their price target on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.83.

Park Hotels & Resorts Company Profile

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.