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

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

Several other research analysts have also commented on PK. StockNews.com lowered Park Hotels & Resorts from a hold rating to a sell rating in a research report on Wednesday, February 28th. Barclays boosted their price objective on Park Hotels & Resorts from $19.00 to $21.00 and gave the company an overweight rating in a research report on Friday, March 1st. Wells Fargo & Company boosted their price objective on Park Hotels & Resorts from $15.00 to $17.00 and gave the company an equal weight rating in a research report on Friday, December 22nd. Jefferies Financial Group upgraded Park Hotels & Resorts from a hold rating to a buy rating and boosted their price objective for the company from $14.00 to $21.00 in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. upgraded Park Hotels & Resorts from an underweight rating to a neutral rating and boosted their price objective for the company from $11.00 to $16.00 in a research report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of Hold and a consensus target price of $17.27.

Park Hotels & Resorts Stock Up 0.1 %

NYSE PK traded up $0.02 during mid-day trading on Thursday, reaching $17.13. 3,040,915 shares of the company’s stock traded hands, compared to its average volume of 3,108,791. Park Hotels & Resorts has a 1-year low of $10.70 and a 1-year high of $17.78. The company has a fifty day simple moving average of $16.01 and a 200-day simple moving average of $14.50. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.19. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 37.24, a P/E/G ratio of 0.65 and a beta of 2.02.

Park Hotels & Resorts Increases Dividend

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

Institutional Trading of Park Hotels & Resorts

A number of institutional investors and hedge funds have recently made changes to their positions in PK. MetLife Investment Management LLC lifted its position in shares of Park Hotels & Resorts by 33.4% during the 1st quarter. MetLife Investment Management LLC now owns 152,902 shares of the financial services provider’s stock worth $2,986,000 after purchasing an additional 38,302 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Park Hotels & Resorts by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 86,667 shares of the financial services provider’s stock worth $1,693,000 after purchasing an additional 8,263 shares during the last quarter. BlackRock Inc. lifted its position in shares of Park Hotels & Resorts by 0.6% during the 1st quarter. BlackRock Inc. now owns 29,740,571 shares of the financial services provider’s stock worth $580,834,000 after purchasing an additional 182,269 shares during the last quarter. APG Asset Management N.V. acquired a new position in shares of Park Hotels & Resorts during the 1st quarter worth about $857,000. Finally, Great West Life Assurance Co. Can raised its holdings in Park Hotels & Resorts by 5.2% in the 1st quarter. Great West Life Assurance Co. Can now owns 328,319 shares of the financial services provider’s stock valued at $6,628,000 after acquiring an additional 16,107 shares in the last quarter. Institutional investors and hedge funds 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.