Park Hotels & Resorts (NYSE:PK) Price Target Raised to $21.00 at Truist Financial

Park Hotels & Resorts (NYSE:PK) had its target price increased by Truist Financial from $20.00 to $21.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the company. Jefferies Financial Group raised Park Hotels & Resorts from a hold rating to a buy rating and increased their price objective for the company from $14.00 to $21.00 in a report on Tuesday, January 2nd. JPMorgan Chase & Co. raised Park Hotels & Resorts from an underweight rating to a neutral rating and increased their price objective for the company from $11.00 to $16.00 in a report on Thursday, December 14th. UBS Group increased their price objective on Park Hotels & Resorts from $14.00 to $18.00 and gave the company a neutral rating in a report on Wednesday, March 6th. Wells Fargo & Company upped their target price on shares of Park Hotels & Resorts from $15.00 to $17.00 and gave the company an equal weight rating in a research note on Friday, December 22nd. Finally, StockNews.com cut shares of Park Hotels & Resorts from a hold rating to a sell rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Park Hotels & Resorts has a consensus rating of Hold and a consensus price target of $17.27.

Park Hotels & Resorts Stock Up 0.1 %

Park Hotels & Resorts stock traded up $0.02 during mid-day trading on Thursday, hitting $17.13. The company’s stock had a trading volume of 3,040,915 shares, compared to its average volume of 3,108,791. Park Hotels & Resorts has a 52-week low of $10.70 and a 52-week high of $17.78. The firm’s 50 day moving average is $16.01 and its 200 day moving average is $14.50. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market cap of $3.61 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 0.65 and a beta of 2.02.

Park Hotels & Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.25 per share. This is a boost from Park Hotels & Resorts’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.00 annualized dividend and a dividend yield of 5.84%. Park Hotels & Resorts’s payout ratio is currently 808.70%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in Park Hotels & Resorts by 54.6% in the second quarter. Goldman Sachs Group Inc. now owns 11,358,377 shares of the financial services provider’s stock valued at $145,614,000 after buying an additional 4,010,239 shares in the last quarter. Norges Bank acquired a new stake in shares of Park Hotels & Resorts during the fourth quarter worth $31,745,000. Millennium Management LLC bought a new stake in Park Hotels & Resorts in the 2nd quarter valued at $24,904,000. JPMorgan Chase & Co. boosted its stake in Park Hotels & Resorts by 107.7% in the 1st quarter. JPMorgan Chase & Co. now owns 3,517,709 shares of the financial services provider’s stock worth $43,479,000 after purchasing an additional 1,824,085 shares during the period. Finally, Donald Smith & CO. Inc. boosted its stake in Park Hotels & Resorts by 36.0% in the 4th quarter. Donald Smith & CO. Inc. now owns 6,529,666 shares of the financial services provider’s stock worth $99,904,000 after purchasing an additional 1,728,921 shares during the period. Institutional investors own 91.40% of the company’s stock.

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.