Evercore ISI upgraded shares of Park Hotels & Resorts (NYSE:PK – Free Report) from an in-line rating to an outperform rating in a research report sent to investors on Wednesday, MarketBeat.com reports. The firm currently has $20.00 price target on the financial services provider’s stock, up from their prior price target of $19.00.
A number of other analysts also recently issued reports on PK. Barclays increased their target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an overweight rating in a research report on Friday, March 1st. Citigroup raised shares of Park Hotels & Resorts from a neutral rating to a buy rating and increased their target price for the stock from $14.00 to $20.00 in a research report on Friday, March 22nd. Wells Fargo & Company increased their target price on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an equal weight rating in a research report on Thursday, March 21st. UBS Group increased their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a research report on Wednesday, March 6th. Finally, Truist Financial increased their price objective on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a buy rating in a research report on Thursday, March 14th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $17.50.
Get Our Latest Stock Analysis on Park Hotels & Resorts
Park Hotels & Resorts Price Performance
Park Hotels & Resorts (NYSE:PK – Get Free Report) last released its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. The company had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. Research analysts expect that Park Hotels & Resorts will post 2.08 EPS for the current year.
Park Hotels & Resorts Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts’s payout ratio is currently 227.28%.
Hedge Funds Weigh In On Park Hotels & Resorts
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GraniteShares Advisors LLC acquired a new stake in Park Hotels & Resorts during the 4th quarter worth about $1,469,000. Louisiana State Employees Retirement System acquired a new stake in Park Hotels & Resorts during the 4th quarter worth about $903,000. Donald Smith & CO. Inc. boosted its position in Park Hotels & Resorts by 36.0% during the 4th quarter. Donald Smith & CO. Inc. now owns 6,529,666 shares of the financial services provider’s stock worth $99,904,000 after acquiring an additional 1,728,921 shares during the period. FMR LLC boosted its position in Park Hotels & Resorts by 18.2% during the 3rd quarter. FMR LLC now owns 884,843 shares of the financial services provider’s stock worth $10,901,000 after acquiring an additional 136,434 shares during the period. Finally, Vanguard Group Inc. boosted its position in Park Hotels & Resorts by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 33,109,654 shares of the financial services provider’s stock worth $407,911,000 after acquiring an additional 347,812 shares during the period. Institutional investors and hedge funds 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.
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