Park Hotels & Resorts (NYSE:PK) Given New $16.00 Price Target at Wells Fargo & Company

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

PK has been the subject of several other research reports. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Truist Financial cut 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 report on Wednesday, September 4th. Bank of America decreased their price objective on shares of Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. UBS Group lifted their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Finally, Compass Point dropped their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.23.

Park Hotels & Resorts Trading Up 1.3 %

NYSE:PK opened at $15.56 on Tuesday. Park Hotels & Resorts has a one year low of $13.23 and a one year high of $18.05. The company’s 50-day simple moving average is $14.49 and its 200 day simple moving average is $14.74. The firm has a market capitalization of $3.21 billion, a P/E ratio of 9.91, a PEG ratio of 0.85 and a beta of 2.02. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

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 the consensus estimate of $646.15 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, analysts forecast that Park Hotels & Resorts will post 2.09 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $2.60 annualized dividend and a yield of 16.71%. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is currently 63.69%.

Institutional Trading of Park Hotels & Resorts

Several institutional investors and hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC raised its holdings in Park Hotels & Resorts by 5.5% during the first quarter. Lazard Asset Management LLC now owns 36,704 shares of the financial services provider’s stock valued at $641,000 after acquiring an additional 1,922 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Park Hotels & Resorts by 6.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 100,390 shares of the financial services provider’s stock valued at $1,756,000 after buying an additional 6,067 shares in the last quarter. Tidal Investments LLC raised its position in shares of Park Hotels & Resorts by 17.9% during the first quarter. Tidal Investments LLC now owns 14,060 shares of the financial services provider’s stock valued at $246,000 after buying an additional 2,131 shares during the last quarter. EMC Capital Management purchased a new position in shares of Park Hotels & Resorts in the first quarter worth $351,000. Finally, Pensionfund Sabic boosted its position in shares of Park Hotels & Resorts by 83.9% during the second quarter. Pensionfund Sabic now owns 24,106 shares of the financial services provider’s stock worth $361,000 after acquiring an additional 11,000 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

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.