Park Hotels & Resorts (PK) Shares Gap Up on Strong Earnings

Shares of Park Hotels & Resorts Inc (NYSE:PK) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.12, but opened at $30.81. Park Hotels & Resorts shares last traded at $31.24, with a volume of 3570617 shares.

The financial services provider reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.06. Park Hotels & Resorts had a return on equity of 8.27% and a net margin of 17.46%. The firm had revenue of $686.00 million during the quarter, compared to analyst estimates of $659.09 million. During the same quarter in the previous year, the business earned $0.68 EPS. Park Hotels & Resorts’s revenue for the quarter was up .0% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Friday, March 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 5.76%. The ex-dividend date of this dividend is Thursday, March 28th. Park Hotels & Resorts’s payout ratio is 143.88%.

Several equities research analysts recently issued reports on the company. Nomura lifted their price objective on Park Hotels & Resorts from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday. TheStreet upgraded Park Hotels & Resorts from a “c” rating to a “b-” rating in a report on Friday, February 22nd. Zacks Investment Research upgraded Park Hotels & Resorts from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. JPMorgan Chase & Co. set a $29.00 price objective on Park Hotels & Resorts and gave the stock a “hold” rating in a report on Thursday. Finally, Deutsche Bank set a $32.00 price objective on Park Hotels & Resorts and gave the stock a “hold” rating in a report on Saturday, November 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.38.

Several institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Park Hotels & Resorts by 11.1% during the 4th quarter. FMR LLC now owns 1,580,485 shares of the financial services provider’s stock worth $41,062,000 after purchasing an additional 157,521 shares during the last quarter. APG Asset Management N.V. boosted its holdings in shares of Park Hotels & Resorts by 188.2% during the 4th quarter. APG Asset Management N.V. now owns 979,600 shares of the financial services provider’s stock worth $22,263,000 after purchasing an additional 639,700 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Park Hotels & Resorts by 3.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 314,434 shares of the financial services provider’s stock worth $8,169,000 after purchasing an additional 10,019 shares during the last quarter. CI Investments Inc. boosted its holdings in shares of Park Hotels & Resorts by 0.5% during the 4th quarter. CI Investments Inc. now owns 341,800 shares of the financial services provider’s stock worth $8,880,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Phocas Financial Corp. acquired a new position in shares of Park Hotels & Resorts during the 4th quarter worth approximately $307,000.

The stock has a market cap of $6.20 billion, a P/E ratio of 11.24, a P/E/G ratio of 2.44 and a beta of 1.29. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55.

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About Park Hotels & Resorts (NYSE:PK)

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.

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