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

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

PK has been the subject of several other research reports. Truist Financial decreased their price objective on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Compass Point decreased their price target on 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. StockNews.com downgraded Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. Finally, Evercore ISI lowered their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. One equities 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.23.

Park Hotels & Resorts Stock Performance

NYSE:PK opened at $15.56 on Tuesday. The firm has a market capitalization of $3.21 billion, a PE ratio of 9.91, a PEG ratio of 6.99 and a beta of 2.02. The stock’s fifty day moving average is $14.49 and its 200 day moving average is $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 announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million during the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. On average, sell-side analysts anticipate that Park Hotels & Resorts will post 1.97 earnings per share for the current year.

Park Hotels & Resorts Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid 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 dividend yield of 16.71%. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 63.69%.

Institutional Investors Weigh In On Park Hotels & Resorts

Large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new position in shares of Park Hotels & Resorts in the 3rd quarter valued at $33,000. Venturi Wealth Management LLC boosted its position in Park Hotels & Resorts by 281.6% during the third quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 2,841 shares in the last quarter. Quarry LP grew its stake in Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 1,857 shares during the last quarter. Claro Advisors LLC bought a new position in Park Hotels & Resorts in the third quarter worth about $69,000. Finally, Covestor Ltd raised its holdings in Park Hotels & Resorts by 64.8% in the third quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 2,711 shares in the last quarter. 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.