Park Hotels & Resorts Inc. (NYSE:PK) Announces Quarterly Dividend of $0.65

Park Hotels & Resorts Inc. (NYSE:PK) declared a quarterly dividend on Tuesday, November 26th,RTT News reports. Shareholders 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 annualized dividend and a yield of 16.74%. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.25.

Park Hotels & Resorts has raised its dividend payment by an average of 10.1% annually over the last three years. Park Hotels & Resorts has a dividend 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. Research 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 Stock Up 1.1 %

Park Hotels & Resorts stock traded up $0.17 during midday trading on Wednesday, hitting $15.53. 85,263 shares of the company were exchanged, compared to its average volume of 2,754,498. The company has a market cap of $3.21 billion, a PE ratio of 9.78, a price-to-earnings-growth ratio of 0.85 and a beta of 2.02. Park Hotels & Resorts has a fifty-two week low of $13.23 and a fifty-two week high of $18.05. The company’s fifty day moving average price is $14.47 and its 200-day moving average price is $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 announced its earnings results on Tuesday, October 29th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.21). The business had revenue of $649.00 million for the quarter, compared to analysts’ expectations of $646.15 million. Park Hotels & Resorts had a return on equity of 9.63% and a net margin of 12.66%. The firm’s revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 earnings per share. On average, research analysts predict that Park Hotels & Resorts will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Compass Point decreased their price objective on Park Hotels & Resorts from $25.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, October 31st. StockNews.com lowered Park Hotels & Resorts from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Evercore ISI cut their price target on shares of Park Hotels & Resorts from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Wolfe Research lowered Park Hotels & Resorts from an “outperform” rating to a “peer perform” rating in a research report on Thursday, September 26th. Finally, Wells Fargo & Company increased their target price on shares of Park Hotels & Resorts from $14.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock 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.