Park Hotels & Resorts Inc. (PK) to Issue Quarterly Dividend of $0.25 on July 15th

Park Hotels & Resorts Inc. (NYSE:PK) announced a quarterly dividend on Tuesday, May 6th, Wall Street Journal reports. Shareholders of record on Monday, June 30th will be given a dividend of 0.25 per share by the financial services provider on Tuesday, July 15th. This represents a $1.00 annualized dividend and a dividend yield of 10.00%. The ex-dividend date is Monday, June 30th.

Park Hotels & Resorts has a payout ratio of 149.3% 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 $2.21 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 45.2%.

Park Hotels & Resorts Stock Up 0.8 %

NYSE:PK opened at $10.00 on Thursday. The stock has a 50-day simple moving average of $10.54 and a 200 day simple moving average of $12.89. Park Hotels & Resorts has a 52-week low of $8.27 and a 52-week high of $16.58. The company has a market cap of $2.02 billion, a PE ratio of 9.90, a PEG ratio of 1.51 and a beta of 1.75. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Monday, May 5th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.41 by $0.05. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The business had revenue of $630.00 million during the quarter, compared to analysts’ expectations of $620.17 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm’s revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Park Hotels & Resorts will post 2.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PK shares. Morgan Stanley lowered their target price on shares of Park Hotels & Resorts from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 22nd. UBS Group cut their target price on shares of Park Hotels & Resorts from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Bank of America downgraded Park Hotels & Resorts from a “neutral” rating to an “underperform” rating and set a $11.00 price target on the stock. in a research report on Wednesday, April 30th. Wells Fargo & Company cut their price objective on Park Hotels & Resorts from $17.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 18th. Finally, Evercore ISI decreased their target price on Park Hotels & Resorts from $16.00 to $13.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.60.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.