Park Hotels & Resorts Inc. (NYSE:PK) Raises Dividend to $0.65 Per Share

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 given a dividend of 0.65 per share by the financial services provider on Wednesday, January 15th. This represents a $2.60 dividend on an annualized basis and a yield of 16.77%. This is a boost 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 payout ratio of 109.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Trading Up 3.0 %

PK stock opened at $15.50 on Tuesday. Park Hotels & Resorts has a one year low of $13.23 and a one year high of $18.05. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 0.83 and a beta of 2.02. The company has a fifty day moving average price of $14.45 and a two-hundred day moving average price of $14.73. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings results 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). The company had revenue of $649.00 million during the quarter, compared to the consensus estimate of $646.15 million. Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.51 earnings per share. Equities analysts anticipate that Park Hotels & Resorts will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Evercore ISI reduced 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 research report on Tuesday, August 13th. Truist Financial decreased their target price on shares of Park Hotels & Resorts from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Wolfe Research downgraded shares of Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Bank of America reduced their price target 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. Finally, UBS Group lifted their price objective on Park Hotels & Resorts from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Park Hotels & Resorts has an average rating of “Hold” and a consensus price target of $18.23.

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.