Evercore ISI Upgrades Park Hotels & Resorts (NYSE:PK) to Outperform

Evercore ISI upgraded shares of Park Hotels & Resorts (NYSE:PK) from an in-line rating to an outperform rating in a research report sent to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has $31.00 target price on the financial services provider’s stock, down from their previous target price of $33.00.

A number of other research analysts have also recently issued reports on the stock. TheStreet cut shares of Park Hotels & Resorts from a b- rating to a c rating in a report on Wednesday, June 5th. UBS Group set a $24.00 target price on shares of Park Hotels & Resorts and gave the company a hold rating in a report on Friday, August 16th. Citigroup dropped their target price on shares of Park Hotels & Resorts from $31.00 to $25.00 and set a neutral rating for the company in a report on Thursday, September 5th. Zacks Investment Research cut shares of Park Hotels & Resorts from a hold rating to a sell rating in a report on Thursday. Finally, Capital One Financial began coverage on shares of Park Hotels & Resorts in a report on Tuesday, June 25th. They issued an overweight rating and a $34.00 target price for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Park Hotels & Resorts presently has an average rating of Hold and a consensus price target of $30.82.

Shares of PK stock opened at $26.07 on Thursday. Park Hotels & Resorts has a 1 year low of $23.02 and a 1 year high of $33.74. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 2.25 and a beta of 1.31. The stock’s 50-day moving average is $24.50 and its two-hundred day moving average is $28.48. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.74 and a current ratio of 1.74.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, July 31st. The financial services provider reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.42). The business had revenue of $703.00 million for the quarter, compared to analyst estimates of $694.08 million. Park Hotels & Resorts had a return on equity of 5.06% and a net margin of 10.52%. Park Hotels & Resorts’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.93 EPS. As a group, research analysts predict that Park Hotels & Resorts will post 2.87 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, September 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.90%. Park Hotels & Resorts’s dividend payout ratio (DPR) is 60.81%.

Several institutional investors and hedge funds have recently modified their holdings of PK. Cohen & Steers Inc. grew its stake in Park Hotels & Resorts by 9.5% in the 2nd quarter. Cohen & Steers Inc. now owns 25,308,847 shares of the financial services provider’s stock worth $697,512,000 after acquiring an additional 2,199,863 shares during the period. BlackRock Inc. grew its stake in Park Hotels & Resorts by 4.9% in the 2nd quarter. BlackRock Inc. now owns 22,543,403 shares of the financial services provider’s stock worth $621,297,000 after acquiring an additional 1,053,929 shares during the period. Invesco Ltd. grew its stake in Park Hotels & Resorts by 11.1% in the 2nd quarter. Invesco Ltd. now owns 6,821,530 shares of the financial services provider’s stock worth $188,001,000 after acquiring an additional 681,882 shares during the period. Brookfield Asset Management Inc. grew its stake in Park Hotels & Resorts by 39.8% in the 2nd quarter. Brookfield Asset Management Inc. now owns 6,036,967 shares of the financial services provider’s stock worth $166,379,000 after acquiring an additional 1,720,152 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in Park Hotels & Resorts by 7.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,985,066 shares of the financial services provider’s stock worth $137,388,000 after acquiring an additional 324,367 shares during the period.

Park Hotels & Resorts Company Profile

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 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.

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Analyst Recommendations for Park Hotels & Resorts (NYSE:PK)

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