Park Hotels & Resorts Inc. (NYSE:PK) to Issue Quarterly Dividend of $0.65

Park Hotels & Resorts Inc. (NYSE:PK) announced a quarterly dividend on Tuesday, November 26th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.65 per share by the financial services provider on Wednesday, January 15th. This represents a $2.60 annualized dividend and a dividend yield of 16.71%. The ex-dividend date is Tuesday, December 31st. This is an increase from Park Hotels & Resorts’s previous quarterly dividend of $0.25.

Park Hotels & Resorts has increased its dividend payment by an average of 10.1% per year over the last three years. Park Hotels & Resorts has a dividend payout ratio of 109.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Park Hotels & Resorts to earn $2.19 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 45.7%.

Park Hotels & Resorts Stock Up 1.3 %

Shares of PK opened at $15.56 on Thursday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.51 and a current ratio of 1.51. Park Hotels & Resorts has a one year low of $13.23 and a one year high of $18.05. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 0.85 and a beta of 2.02. The stock has a 50 day moving average price of $14.49 and a 200 day moving average price of $14.73.

Park Hotels & Resorts (NYSE:PK) last issued 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). Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. During the same quarter in the previous year, the firm posted $0.51 earnings per share. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts forecast that Park Hotels & Resorts will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on PK shares. 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. Truist Financial dropped their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Compass Point dropped their target price on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. 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 report on Monday, November 18th. Finally, Bank of America dropped their target price on Park Hotels & Resorts from $17.00 to $16.50 and set a “neutral” rating for the company in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.23.

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.