StockNews.com downgraded shares of Park Hotels & Resorts (NYSE:PK – Free Report) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
A number of other research firms also recently issued reports on PK. Jefferies Financial Group raised shares of Park Hotels & Resorts from a hold rating to a buy rating and lifted their price objective for the stock from $14.00 to $21.00 in a report on Tuesday, January 2nd. Truist Financial lifted their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a buy rating in a report on Thursday, March 14th. Citigroup raised shares of Park Hotels & Resorts from a neutral rating to a buy rating and lifted their price objective for the stock from $14.00 to $20.00 in a report on Friday, March 22nd. Barclays lifted their price objective on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an overweight rating in a report on Friday, March 1st. Finally, UBS Group boosted their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Park Hotels & Resorts has an average rating of Hold and an average price target of $17.58.
Check Out Our Latest Research Report on PK
Park Hotels & Resorts Stock Up 1.5 %
Park Hotels & Resorts (NYSE:PK – Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. The firm had revenue of $657.00 million during the quarter, compared to the consensus estimate of $665.16 million. On average, sell-side analysts expect that Park Hotels & Resorts will post 2.06 EPS for the current year.
Park Hotels & Resorts Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.04%. The ex-dividend date of this dividend is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio (DPR) is 217.39%.
Hedge Funds Weigh In On Park Hotels & Resorts
Hedge funds and other institutional investors have recently modified their holdings of the stock. Raleigh Capital Management Inc. purchased a new position in shares of Park Hotels & Resorts during the fourth quarter valued at about $35,000. YHB Investment Advisors Inc. purchased a new stake in Park Hotels & Resorts in the first quarter worth about $40,000. FNY Investment Advisers LLC purchased a new stake in Park Hotels & Resorts in the fourth quarter worth about $42,000. Spire Wealth Management grew its holdings in Park Hotels & Resorts by 20.1% in the third quarter. Spire Wealth Management now owns 5,145 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 860 shares during the period. Finally, Covestor Ltd grew its holdings in Park Hotels & Resorts by 31.5% in the third quarter. Covestor Ltd now owns 5,596 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,340 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.
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.
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