Park Hotels & Resorts (NYSE:PK) Updates FY 2023 Earnings Guidance

Park Hotels & Resorts (NYSE:PKGet Free Report) updated its FY 2023 earnings guidance on Friday. The company provided earnings per share guidance of 2.050-2.050 for the period, compared to the consensus earnings per share estimate of 2.010. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.7 billion.

Park Hotels & Resorts Trading Up 1.3 %

Shares of Park Hotels & Resorts stock opened at $15.26 on Friday. The company’s 50 day moving average is $15.77 and its 200 day moving average is $13.84. Park Hotels & Resorts has a twelve month low of $10.70 and a twelve month high of $17.37. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.41 and a current ratio of 2.41.

Park Hotels & Resorts Announces Dividend

The firm also recently declared a None dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.77 dividend. The ex-dividend date of this dividend was Thursday, December 28th. Park Hotels & Resorts’s payout ratio is presently -1,377.78%.

Analysts Set New Price Targets

PK has been the subject of a number of analyst reports. StockNews.com raised shares of Park Hotels & Resorts from a sell rating to a hold rating in a research note on Friday. JPMorgan Chase & Co. raised shares of Park Hotels & Resorts from an underweight rating to a neutral rating and increased their price objective for the stock from $11.00 to $16.00 in a research note on Thursday, December 14th. HSBC initiated coverage on shares of Park Hotels & Resorts in a research note on Monday, October 23rd. They issued a hold rating and a $13.00 price objective for the company. Morgan Stanley increased their price objective on shares of Park Hotels & Resorts from $12.00 to $13.00 and gave the stock an equal weight rating in a research note on Tuesday, November 7th. Finally, Jefferies Financial Group raised shares of Park Hotels & Resorts from a hold rating to a buy rating and raised their target price for the company from $14.00 to $21.00 in a research note on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $16.60.

Check Out Our Latest Report on PK

Hedge Funds Weigh In On Park Hotels & Resorts

A number of institutional investors and hedge funds have recently made changes to their positions in PK. Steward Partners Investment Advisory LLC grew its position in shares of Park Hotels & Resorts by 353.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,055 shares of the financial services provider’s stock worth $83,000 after buying an additional 5,500 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Park Hotels & Resorts in the 2nd quarter valued at $104,000. Franklin Resources Inc. acquired a new position in shares of Park Hotels & Resorts in the 4th quarter valued at $121,000. Toroso Investments LLC acquired a new position in shares of Park Hotels & Resorts in the 1st quarter valued at $133,000. Finally, Creative Planning acquired a new position in Park Hotels & Resorts during the fourth quarter worth $144,000. 91.40% of the stock is owned by hedge funds and other institutional investors.

About Park Hotels & Resorts

(Get Free Report)

Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 43 premium-branded hotels and resorts (excluding the Hilton San Francisco Hotels) with over 26,000 rooms primarily located in prime city center and resort locations.

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