Park Hotels & Resorts Inc. Announces Quarterly Dividend of $0.25 (NYSE:PK)

Park Hotels & Resorts Inc. (NYSE:PK) announced a quarterly dividend on Friday, April 19th, Zacks reports. Investors of record on Friday, June 28th will be given a dividend of 0.25 per share by the financial services provider on Monday, July 15th. This represents a $1.00 dividend on an annualized basis and a yield of 6.83%. The ex-dividend date of this dividend is Friday, June 28th.

Park Hotels & Resorts has raised its dividend by an average of 10.1% annually over the last three years. Park Hotels & Resorts has a dividend payout ratio of 108.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Park Hotels & Resorts to earn $2.22 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 45.0%.

Park Hotels & Resorts Price Performance

NYSE PK traded down $0.07 on Wednesday, reaching $14.65. The company’s stock had a trading volume of 384,706 shares, compared to its average volume of 2,735,543. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.20. The firm has a market cap of $3.09 billion, a PE ratio of 33.30, a price-to-earnings-growth ratio of 0.72 and a beta of 2.01. Park Hotels & Resorts has a 52 week low of $11.05 and a 52 week high of $18.05. The business has a 50-day moving average price of $15.76 and a 200 day moving average price of $16.14.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, April 30th. The financial services provider reported $0.25 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.17). The firm had revenue of $639.00 million during the quarter, compared to analyst estimates of $630.46 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.08%. Sell-side analysts expect that Park Hotels & Resorts will post 2.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PK. UBS Group boosted their price target on Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 6th. StockNews.com raised Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Barclays increased their price target on Park Hotels & Resorts from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Wedbush reiterated a “neutral” rating and set a $17.00 price target on shares of Park Hotels & Resorts in a report on Tuesday, May 28th. Finally, Evercore ISI upgraded Park Hotels & Resorts from an “in-line” rating to an “outperform” rating and raised their target price for the company from $19.00 to $20.00 in a research note on Wednesday, May 15th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.83.

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.