Park Hotels & Resorts Inc. Announces Quarterly Dividend of $0.25 (NYSE:PK)

Park Hotels & Resorts Inc. (NYSE:PK) announced a quarterly dividend on Friday, April 19th, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.25 per share by the financial services provider on Monday, July 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.83%. The ex-dividend date is Friday, June 28th.

Park Hotels & Resorts has raised its dividend by an average of 10.1% annually over the last three years. Park Hotels & Resorts has a dividend payout ratio of 108.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Park Hotels & Resorts to earn $2.22 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 45.0%.

Park Hotels & Resorts Stock Performance

PK stock traded down $0.08 during midday trading on Wednesday, hitting $14.64. 407,797 shares of the stock traded hands, compared to its average volume of 2,735,732. The firm has a market cap of $3.08 billion, a P/E ratio of 33.30, a PEG ratio of 0.72 and a beta of 2.01. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.48 and a quick ratio of 1.48. The stock’s fifty day simple moving average is $15.76 and its 200-day simple moving average is $16.14. Park Hotels & Resorts has a 1-year low of $11.05 and a 1-year high of $18.05.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.17). Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. The company had revenue of $639.00 million during the quarter, compared to analyst estimates of $630.46 million. On average, analysts expect that Park Hotels & Resorts will post 2.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PK. Truist Financial decreased their price target on shares of Park Hotels & Resorts from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. StockNews.com raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Wedbush reaffirmed a “neutral” rating and set a $17.00 target price on shares of Park Hotels & Resorts in a research note on Tuesday, May 28th. Barclays lifted their target price on shares of Park Hotels & Resorts from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Finally, Wells Fargo & Company lifted 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 note on Thursday, March 21st. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.83.

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.