Wall Street brokerages forecast that Park Hotels & Resorts Inc (NYSE:PK) will report sales of $699.20 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Park Hotels & Resorts’ earnings, with estimates ranging from $678.80 million to $731.00 million. Park Hotels & Resorts posted sales of $731.00 million in the same quarter last year, which suggests a negative year over year growth rate of 4.4%. The business is scheduled to announce its next earnings results on Wednesday, August 7th.
According to Zacks, analysts expect that Park Hotels & Resorts will report full year sales of $2.73 billion for the current fiscal year, with estimates ranging from $2.70 billion to $2.74 billion. For the next year, analysts anticipate that the business will report sales of $2.73 billion, with estimates ranging from $2.69 billion to $2.75 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Park Hotels & Resorts.
Park Hotels & Resorts (NYSE:PK) last announced its quarterly earnings data on Monday, May 6th. The financial services provider reported $0.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.01. The business had revenue of $659.00 million for the quarter, compared to analyst estimates of $655.79 million. Park Hotels & Resorts had a net margin of 15.32% and a return on equity of 7.38%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.65 EPS.
A number of analysts recently issued reports on PK shares. Deutsche Bank set a $33.00 target price on shares of Park Hotels & Resorts and gave the stock a “hold” rating in a research report on Wednesday, June 26th. Zacks Investment Research upgraded Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research note on Wednesday, March 6th. TheStreet cut Park Hotels & Resorts from a “b-” rating to a “c” rating in a research note on Wednesday, June 5th. Finally, Capital One Financial started coverage on Park Hotels & Resorts in a research note on Tuesday, June 25th. They set an “overweight” rating and a $34.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $33.00.
Shares of PK stock traded up $0.10 during trading hours on Thursday, hitting $27.38. 1,472,502 shares of the company were exchanged, compared to its average volume of 1,708,932. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 2.38 and a beta of 1.27. Park Hotels & Resorts has a 1 year low of $25.30 and a 1 year high of $34.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.43 and a current ratio of 1.43. The business’s fifty day moving average price is $28.49.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.57%. The ex-dividend date is Thursday, June 27th. Park Hotels & Resorts’s dividend payout ratio is currently 60.81%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Enterprise Financial Services Corp increased its position in shares of Park Hotels & Resorts by 132.0% during the first quarter. Enterprise Financial Services Corp now owns 819 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 466 shares during the period. Meridian Wealth Management LLC acquired a new stake in Park Hotels & Resorts in the 1st quarter valued at $32,000. Next Capital Management LLC acquired a new stake in Park Hotels & Resorts in the 4th quarter valued at $36,000. Penserra Capital Management LLC acquired a new stake in Park Hotels & Resorts in the 1st quarter valued at $56,000. Finally, Glassman Wealth Services boosted its stake in Park Hotels & Resorts by 2,073.3% in the 1st quarter. Glassman Wealth Services now owns 2,521 shares of the financial services provider’s stock valued at $78,000 after buying an additional 2,405 shares in the last quarter.
About Park Hotels & Resorts
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 52 premium-branded hotels and resorts with over 30,000 rooms, a substantial portion of which are located in prime United States markets with high barriers to entry.
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