Park Hotels & Resorts (NYSE:PK) Shares Gap Up – Here’s What Happened

Park Hotels & Resorts Inc. (NYSE:PK)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $15.38, but opened at $15.84. Park Hotels & Resorts shares last traded at $16.00, with a volume of 862,235 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PK. StockNews.com downgraded shares of Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Evercore ISI dropped their price target on Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Compass Point decreased their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. UBS Group raised their price target on shares of Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. Finally, Wolfe Research cut shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.23.

Park Hotels & Resorts Stock Up 3.4 %

The firm has a 50 day moving average price of $14.49 and a 200-day moving average price of $14.71. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 1.24. The firm has a market cap of $3.28 billion, a PE ratio of 9.80, a PEG ratio of 6.99 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.21). The firm had revenue of $649.00 million for the quarter, compared to analyst estimates of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. Research analysts forecast that Park Hotels & Resorts Inc. will post 1.97 EPS for the current fiscal year.

Park Hotels & Resorts Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.65 dividend. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25. This represents a $2.60 annualized dividend and a dividend yield of 16.34%. The ex-dividend date is Tuesday, December 31st. Park Hotels & Resorts’s payout ratio is presently 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of institutional investors have recently modified their holdings of PK. AQR Capital Management LLC grew its holdings in shares of Park Hotels & Resorts by 287.7% during the second quarter. AQR Capital Management LLC now owns 5,252,853 shares of the financial services provider’s stock worth $77,217,000 after buying an additional 3,897,889 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Park Hotels & Resorts by 286.9% in the second quarter. Jupiter Asset Management Ltd. now owns 2,597,091 shares of the financial services provider’s stock valued at $38,904,000 after purchasing an additional 1,925,850 shares during the period. Donald Smith & CO. Inc. raised its stake in shares of Park Hotels & Resorts by 22.5% during the third quarter. Donald Smith & CO. Inc. now owns 8,077,286 shares of the financial services provider’s stock worth $113,890,000 after purchasing an additional 1,484,295 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Park Hotels & Resorts by 321.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,409,574 shares of the financial services provider’s stock worth $19,875,000 after purchasing an additional 1,075,255 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Park Hotels & Resorts by 345.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,035,082 shares of the financial services provider’s stock valued at $14,595,000 after buying an additional 802,939 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Park Hotels & Resorts Company Profile

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.