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

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

A number of other research analysts also recently weighed in on PK. Evercore ISI dropped their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Compass Point decreased their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Bank of America cut their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a report on Monday, October 21st. UBS Group boosted their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Finally, StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.23.

Park Hotels & Resorts Trading Down 0.9 %

Shares of PK stock opened at $15.36 on Tuesday. The stock has a 50-day moving average of $14.47 and a 200-day moving average of $14.73. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.83 and a beta of 2.02. Park Hotels & Resorts has a 1-year low of $13.23 and a 1-year high of $18.05.

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

Park Hotels & Resorts Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis 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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Donald Smith & CO. Inc. grew its holdings in shares of Park Hotels & Resorts by 22.5% in the third quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after purchasing an additional 1,484,295 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Park Hotels & Resorts by 287.7% during the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock valued at $77,217,000 after acquiring an additional 3,897,889 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Park Hotels & Resorts by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,113,325 shares of the financial services provider’s stock worth $46,638,000 after acquiring an additional 115,391 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Park Hotels & Resorts by 2.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,902,728 shares of the financial services provider’s stock valued at $40,928,000 after acquiring an additional 66,093 shares in the last quarter. Finally, Jupiter Asset Management Ltd. increased its position in Park Hotels & Resorts by 286.9% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after purchasing an additional 1,925,850 shares during the period. 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.