Park Hotels & Resorts (NYSE:PK) Issues FY24 Earnings Guidance

Park Hotels & Resorts (NYSE:PK) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.07-2.27 for the period, compared to the consensus EPS estimate of $2.12. Park Hotels & Resorts also updated its FY 2024 guidance to 2.070-2.270 EPS.

Park Hotels & Resorts Price Performance

NYSE PK traded down $0.02 during trading hours on Thursday, reaching $15.95. 3,512,372 shares of the stock traded hands, compared to its average volume of 2,811,036. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 35.98, a price-to-earnings-growth ratio of 0.83 and a beta of 2.02. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30. Park Hotels & Resorts has a 1 year low of $11.05 and a 1 year high of $18.05. The stock has a 50 day simple moving average of $16.97 and a two-hundred day simple moving average of $15.52.

Park Hotels & Resorts (NYSE:PK) last released its earnings results on Tuesday, February 27th. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.49 by $0.39. The company had revenue of $657.00 million for the quarter, compared to analyst estimates of $665.16 million. Park Hotels & Resorts had a net margin of 3.42% and a return on equity of 3.05%. On average, analysts predict that Park Hotels & Resorts will post 2.06 EPS for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.27%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio (DPR) is presently 227.28%.

Analysts Set New Price Targets

A number of equities analysts have commented on PK shares. Truist Financial lifted their price target on Park Hotels & Resorts from $20.00 to $21.00 and gave the stock a buy rating in a research note on Thursday, March 14th. StockNews.com raised shares of Park Hotels & Resorts from a sell rating to a hold rating in a research note on Wednesday. Wells Fargo & Company increased 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 report on Thursday, March 21st. Citigroup upgraded shares of Park Hotels & Resorts from a neutral rating to a buy rating and boosted their price objective for the company from $14.00 to $20.00 in a research report on Friday, March 22nd. Finally, UBS Group increased their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a report on Wednesday, March 6th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently 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.