Park Hotels & Resorts (NYSE:PK) Reaches New 1-Year High – Here’s Why

Park Hotels & Resorts Inc. (NYSE:PK)’s stock price hit a new 52-week high on Monday . The company traded as high as $15.99 and last traded at $15.8350, with a volume of 194573 shares traded. The stock had previously closed at $15.78.

Wall Street Analysts Forecast Growth

PK has been the subject of several research reports. Morgan Stanley increased their price objective on shares of Park Hotels & Resorts from $10.50 to $11.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Park Hotels & Resorts in a research note on Friday, August 14th. JPMorgan Chase & Co. increased their target price on Park Hotels & Resorts from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Monday, August 10th. Barclays lifted their price objective on shares of Park Hotels & Resorts from $9.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $13.92.

Park Hotels & Resorts Price Performance

The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $3.26 billion, a PE ratio of -19.49, a price-to-earnings-growth ratio of 2.10 and a beta of 1.34. The firm’s 50 day simple moving average is $14.79 and its 200 day simple moving average is $12.64.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $680.00 million for the quarter, compared to the consensus estimate of $659.68 million. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 earnings per share. As a group, research analysts anticipate that Park Hotels & Resorts Inc. will post 1.79 EPS for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Park Hotels & Resorts’s dividend payout ratio is -120.48%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Amundi lifted its stake in shares of Park Hotels & Resorts by 1.9% during the 1st quarter. Amundi now owns 115,143 shares of the financial services provider’s stock worth $1,119,000 after acquiring an additional 2,179 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Park Hotels & Resorts by 849.3% during the first quarter. Millennium Management LLC now owns 523,851 shares of the financial services provider’s stock valued at $5,595,000 after purchasing an additional 468,668 shares during the period. United Services Automobile Association bought a new position in shares of Park Hotels & Resorts in the first quarter worth about $152,000. Empowered Funds LLC boosted its position in Park Hotels & Resorts by 10.1% in the 1st quarter. Empowered Funds LLC now owns 22,380 shares of the financial services provider’s stock valued at $239,000 after buying an additional 2,058 shares during the period. Finally, Focus Partners Wealth boosted its position in Park Hotels & Resorts by 30.6% in the 1st quarter. Focus Partners Wealth now owns 18,646 shares of the financial services provider’s stock valued at $199,000 after buying an additional 4,374 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.