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

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

A number of other research firms have also commented on PK. UBS Group upped their price target on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. Truist Financial reduced their price objective 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. Wolfe Research lowered shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Compass Point decreased their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Bank of America reduced 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.23.

Park Hotels & Resorts Stock Performance

Shares of PK opened at $15.56 on Tuesday. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 6.99 and a beta of 2.02. The firm has a 50 day moving average price of $14.49 and a 200-day moving average price of $14.74. 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.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (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 company had revenue of $649.00 million for the quarter, compared to the consensus estimate of $646.15 million. During the same quarter in the previous year, the business earned $0.51 earnings per share. Park Hotels & Resorts’s revenue was down 4.4% compared to the same quarter last year. As a group, equities research analysts forecast that Park Hotels & Resorts will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. 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. The ex-dividend date of this dividend is Tuesday, December 31st. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

Hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. boosted its holdings in shares of Park Hotels & Resorts by 43.6% during the 3rd quarter. Franklin Resources Inc. now owns 687,580 shares of the financial services provider’s stock valued at $9,936,000 after acquiring an additional 208,877 shares during the last quarter. Tidal Investments LLC boosted its holdings in Park Hotels & Resorts by 5.5% in the third quarter. Tidal Investments LLC now owns 19,522 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 1,020 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Park Hotels & Resorts in the third quarter worth approximately $477,000. Barclays PLC grew its position in Park Hotels & Resorts by 22.4% in the 3rd quarter. Barclays PLC now owns 319,593 shares of the financial services provider’s stock worth $4,507,000 after purchasing an additional 58,432 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in Park Hotels & Resorts by 81.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 42,051 shares of the financial services provider’s stock valued at $593,000 after buying an additional 18,892 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.