Park Hotels & Resorts (NYSE:PK) Updates FY 2024 Earnings Guidance

Park Hotels & Resorts (NYSE:PK) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.070-2.270 for the period, compared to the consensus earnings per share estimate of 2.130. The company issued revenue guidance of -. Park Hotels & Resorts also updated its FY24 guidance to $2.07-2.27 EPS.

Park Hotels & Resorts Trading Down 3.2 %

NYSE:PK traded down $0.54 during mid-day trading on Tuesday, hitting $16.13. 4,607,791 shares of the company’s stock were exchanged, compared to its average volume of 2,790,225. The company has a 50 day simple moving average of $16.95 and a 200-day simple moving average of $15.49. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19. Park Hotels & Resorts has a fifty-two week low of $11.05 and a fifty-two week high of $18.05. The firm has a market capitalization of $3.40 billion, a P/E ratio of 35.07, a PEG ratio of 0.85 and a beta of 2.03.

Park Hotels & Resorts (NYSE:PK) last issued its quarterly earnings results on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.39. The firm had revenue of $657.00 million for the quarter, compared to the consensus estimate of $665.16 million. Park Hotels & Resorts had a net margin of 3.60% and a return on equity of 2.44%. As a group, research analysts expect that Park Hotels & Resorts will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.20%. Park Hotels & Resorts’s payout ratio is presently 217.39%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an equal weight rating in a research note on Thursday, March 21st. Barclays upped their target price on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the stock an overweight rating in a research note on Friday, March 1st. Jefferies Financial Group upgraded shares of Park Hotels & Resorts from a hold rating to a buy rating and increased their price target for the company from $14.00 to $21.00 in a research report on Tuesday, January 2nd. UBS Group increased their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the company a neutral rating in a research report on Wednesday, March 6th. Finally, Truist Financial increased their price target on shares of Park Hotels & Resorts from $20.00 to $21.00 and gave the company a buy rating in a research report on Thursday, March 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $17.58.

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.