Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) announced a quarterly dividend on Wednesday, March 15th, Zacks reports. Stockholders of record on Friday, March 31st will be paid a dividend of 0.15 per share by the financial services provider on Monday, April 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.03%. The ex-dividend date is Thursday, March 30th.
Park Hotels & Resorts has decreased its dividend payment by an average of 47.2% annually over the last three years. Park Hotels & Resorts has a payout ratio of 142.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Park Hotels & Resorts to earn $1.75 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 57.1%.
Park Hotels & Resorts Stock Performance
Shares of PK stock opened at $11.93 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 3.25 and a current ratio of 3.25. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 0.73 and a beta of 1.96. Park Hotels & Resorts has a one year low of $10.92 and a one year high of $20.58. The company’s 50-day simple moving average is $13.56 and its 200-day simple moving average is $12.85.
Analysts Set New Price Targets
A number of research firms have issued reports on PK. StockNews.com initiated coverage on Park Hotels & Resorts in a research note on Thursday. They issued a “hold” rating on the stock. TheStreet upgraded shares of Park Hotels & Resorts from a “d+” rating to a “c” rating in a research report on Wednesday, February 22nd. Wells Fargo & Company upped their target price on shares of Park Hotels & Resorts from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. Barclays cut their price target on Park Hotels & Resorts from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 10th. Finally, Citigroup increased their price objective on Park Hotels & Resorts from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, February 1st. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.21.
Institutional Investors Weigh In On Park Hotels & Resorts
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PK. First Trust Advisors LP raised its stake in shares of Park Hotels & Resorts by 1.5% during the 1st quarter. First Trust Advisors LP now owns 47,964 shares of the financial services provider’s stock worth $937,000 after purchasing an additional 686 shares in the last quarter. Federated Hermes Inc. raised its position in Park Hotels & Resorts by 3.9% during the first quarter. Federated Hermes Inc. now owns 30,799 shares of the financial services provider’s stock valued at $602,000 after acquiring an additional 1,147 shares in the last quarter. Yousif Capital Management LLC lifted its stake in Park Hotels & Resorts by 1.4% in the first quarter. Yousif Capital Management LLC now owns 104,616 shares of the financial services provider’s stock valued at $2,043,000 after acquiring an additional 1,463 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Park Hotels & Resorts by 19.9% in the second quarter. Envestnet Asset Management Inc. now owns 27,983 shares of the financial services provider’s stock worth $380,000 after acquiring an additional 4,641 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Park Hotels & Resorts by 353.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,055 shares of the financial services provider’s stock worth $83,000 after purchasing an additional 5,500 shares during the last quarter. Hedge funds and other institutional investors own 89.42% of the company’s stock.
About Park Hotels & Resorts
Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.
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