Park Hotels & Resorts (NYSE:PK) Reaches New 52-Week High – Still a Buy?

Park Hotels & Resorts Inc. (NYSE:PK)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $15.49 and last traded at $15.4650, with a volume of 2054821 shares. The stock had previously closed at $15.00.

Analyst Upgrades and Downgrades

Several research analysts have commented on PK shares. Wells Fargo & Company raised Park Hotels & Resorts to a “hold” rating in a report on Thursday, July 23rd. Barclays increased their price target on Park Hotels & Resorts from $9.00 to $12.00 and gave the company an “equal weight” rating in a research note on Monday, June 1st. Truist Financial lifted their price objective on Park Hotels & Resorts from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $18.00 target price on shares of Park Hotels & Resorts in a report on Friday. Finally, BMO Capital Markets restated a “market perform” rating and set a $14.00 price target on shares of Park Hotels & Resorts in a report on Friday, June 12th. Two analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.92.

Park Hotels & Resorts Price Performance

The stock has a market capitalization of $3.10 billion, a P/E ratio of -18.58, a PEG ratio of 2.00 and a beta of 1.34. The business has a fifty day simple moving average of $14.62 and a 200-day simple moving average of $12.44. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.53 and a current ratio of 1.53.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Park Hotels & Resorts had a negative net margin of 6.41% and a negative return on equity of 5.23%. The company had revenue of $680.00 million during the quarter, compared to analyst estimates of $659.68 million. During the same quarter in the previous year, the business posted $0.64 EPS. Park Hotels & Resorts’s revenue for the quarter was up 1.2% compared to the same quarter last year. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 1.79 earnings per share for the current fiscal year.

Park Hotels & Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 6.5%. Park Hotels & Resorts’s dividend payout ratio is currently -120.48%.

Institutional Trading of Park Hotels & Resorts

Several large investors have recently made changes to their positions in PK. United Capital Financial Advisors LLC acquired a new position in Park Hotels & Resorts during the 2nd quarter worth approximately $368,000. Caitlin John LLC acquired a new stake in Park Hotels & Resorts in the second quarter valued at approximately $416,000. Jefferies Financial Group Inc. acquired a new stake in Park Hotels & Resorts in the second quarter valued at approximately $288,000. Public Employees Retirement System of Ohio bought a new stake in shares of Park Hotels & Resorts during the second quarter valued at approximately $3,131,000. Finally, Corient Private Wealth LP acquired a new position in shares of Park Hotels & Resorts during the second quarter worth approximately $6,844,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

About Park Hotels & Resorts

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.