Park Hotels & Resorts Inc. (NYSE:PK) Announces Quarterly Dividend of $0.65

Park Hotels & Resorts Inc. (NYSE:PK) declared a quarterly dividend on Tuesday, November 26th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.65 per share by the financial services provider on Wednesday, January 15th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 17.43%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25.

Park Hotels & Resorts has increased its dividend by an average of 10.1% per year over the last three years. Park Hotels & Resorts has a dividend payout ratio of 109.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Park Hotels & Resorts to earn $2.14 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 46.7%.

Park Hotels & Resorts Trading Down 0.9 %

Shares of PK stock opened at $14.92 on Friday. Park Hotels & Resorts has a 12 month low of $13.23 and a 12 month high of $18.05. The company has a market cap of $3.08 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 6.90 and a beta of 2.03. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 1.24. The business’s 50 day moving average is $14.84 and its two-hundred day moving average is $14.66.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. During the same quarter last year, the business earned $0.51 EPS. The business’s revenue was down 4.4% compared to the same quarter last year. Equities analysts predict that Park Hotels & Resorts will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company increased their target price on Park Hotels & Resorts from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Wolfe Research downgraded shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. UBS Group boosted their target price on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Truist Financial decreased their price target on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Finally, Bank of America dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.55.

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.