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

Park Hotels & Resorts Inc. (NYSE:PK) shares gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

PK has been the subject of several research analyst reports. Wolfe Research cut Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Bank of America decreased their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Evercore ISI dropped their target price on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Compass Point lowered their price target on shares of Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, UBS Group upped their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.23.

Park Hotels & Resorts Price Performance

The company has a market capitalization of $3.28 billion, a PE ratio of 9.80, a PEG ratio of 6.99 and a beta of 2.03. 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 company’s 50 day moving average price is $14.49 and its 200-day moving average price is $14.71.

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

Park Hotels & Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 16.34%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25. Park Hotels & Resorts’s payout ratio is currently 63.69%.

Hedge Funds Weigh In On Park Hotels & Resorts

A number of institutional investors have recently added to or reduced their stakes in PK. Harbor Capital Advisors Inc. acquired a new position in shares of Park Hotels & Resorts in the third quarter worth about $33,000. Venturi Wealth Management LLC boosted its stake in shares of Park Hotels & Resorts by 281.6% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,850 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,841 shares during the last quarter. Quarry LP increased its stake in shares of Park Hotels & Resorts by 82.1% in the second quarter. Quarry LP now owns 4,118 shares of the financial services provider’s stock worth $62,000 after buying an additional 1,857 shares during the last quarter. Claro Advisors LLC acquired a new stake in Park Hotels & Resorts in the third quarter valued at $69,000. Finally, Covestor Ltd boosted its stake in Park Hotels & Resorts by 64.8% during the 3rd quarter. Covestor Ltd now owns 6,894 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 2,711 shares during the last quarter. 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.