Park Hotels & Resorts (NYSE:PK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Park Hotels & Resorts (NYSE:PK) had its target price hoisted by Wells Fargo & Company from $14.50 to $16.00 in a research note published on Tuesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on the company. Truist Financial reduced their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. StockNews.com cut shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Evercore ISI decreased their price objective on 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. Finally, Bank of America lowered their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Park Hotels & Resorts currently has an average rating of “Hold” and an average target price of $18.23.

Park Hotels & Resorts Stock Down 0.9 %

PK stock opened at $15.36 on Tuesday. The business’s 50-day moving average is $14.47 and its two-hundred day moving average is $14.73. Park Hotels & Resorts has a fifty-two week low of $13.23 and a fifty-two week high of $18.05. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. The company has a market cap of $3.17 billion, a price-to-earnings ratio of 9.78, a P/E/G ratio of 0.83 and a beta of 2.02.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The company had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. During the same quarter in the previous year, the company earned $0.51 EPS. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. As a group, analysts forecast that Park Hotels & Resorts will post 2.09 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 16.93%. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

Hedge funds have recently bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new stake in Park Hotels & Resorts in the 3rd quarter worth $33,000. Venturi Wealth Management LLC increased its stake in shares of Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 2,841 shares in the last quarter. Quarry LP raised its position in shares of Park Hotels & Resorts by 82.1% during the 2nd quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC purchased a new position in Park Hotels & Resorts in the 3rd quarter valued at about $69,000. Finally, Covestor Ltd boosted its holdings in Park Hotels & Resorts by 64.8% in the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after buying an additional 2,711 shares during the last quarter. Hedge funds and other 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.