Park Hotels & Resorts (NYSE:PK) Given New $22.00 Price Target at Barclays

Park Hotels & Resorts (NYSE:PK) had its target price hoisted by Barclays from $21.00 to $22.00 in a research note released on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

A number of other analysts have also weighed in on PK. StockNews.com upgraded shares of Park Hotels & Resorts from a sell rating to a hold rating in a report on Wednesday, May 1st. Truist Financial boosted their target price on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a buy rating in a research note on Thursday, March 14th. Wells Fargo & Company lifted their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Evercore ISI upgraded shares of Park Hotels & Resorts from an in-line rating to an outperform rating and boosted their price target for the company from $19.00 to $20.00 in a research report on Wednesday, May 15th. Finally, Citigroup raised shares of Park Hotels & Resorts from a neutral rating to a buy rating and increased their price target for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $17.58.

Park Hotels & Resorts Price Performance

Shares of NYSE PK traded up $0.15 during mid-day trading on Friday, reaching $16.05. 2,256,401 shares of the company were exchanged, compared to its average volume of 2,516,964. The company’s 50 day moving average price is $16.71 and its 200 day moving average price is $15.97. Park Hotels & Resorts has a 52 week low of $11.05 and a 52 week high of $18.05. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $3.38 billion, a PE ratio of 36.48, a PEG ratio of 0.78 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.17). The firm had revenue of $639.00 million for the quarter, compared to analysts’ expectations of $630.46 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. Sell-side analysts forecast that Park Hotels & Resorts will post 2.08 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.23%. Park Hotels & Resorts’s dividend payout ratio is presently 227.28%.

Institutional Trading of Park Hotels & Resorts

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Park Hotels & Resorts by 1.1% during the third quarter. Vanguard Group Inc. now owns 33,109,654 shares of the financial services provider’s stock valued at $407,911,000 after purchasing an additional 347,812 shares during the period. Donald Smith & CO. Inc. raised its stake in Park Hotels & Resorts by 6.5% during the 1st quarter. Donald Smith & CO. Inc. now owns 6,955,362 shares of the financial services provider’s stock valued at $121,649,000 after buying an additional 425,696 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Park Hotels & Resorts by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,741,521 shares of the financial services provider’s stock valued at $41,945,000 after buying an additional 13,473 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of Park Hotels & Resorts by 601.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 2,111,004 shares of the financial services provider’s stock worth $36,921,000 after buying an additional 1,809,886 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Park Hotels & Resorts in the fourth quarter worth $31,745,000. 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.