Park Hotels & Resorts (NYSE:PK) Releases FY24 Earnings Guidance

Park Hotels & Resorts (NYSE:PK) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.07-2.27 for the period, compared to the consensus estimate of $2.12. Park Hotels & Resorts also updated its FY 2024 guidance to 2.070-2.270 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PK shares. Wells Fargo & Company boosted their price objective on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an equal weight rating in a report on Thursday, March 21st. UBS Group boosted their price target on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. StockNews.com cut Park Hotels & Resorts from a hold rating to a sell rating in a research note on Tuesday, April 23rd. Citigroup raised Park Hotels & Resorts from a neutral rating to a buy rating and boosted their target price for the company from $14.00 to $20.00 in a research note on Friday, March 22nd. Finally, Jefferies Financial Group upgraded Park Hotels & Resorts from a hold rating to a buy rating and raised their price target for the stock from $14.00 to $21.00 in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Park Hotels & Resorts presently has an average rating of Hold and an average target price of $17.58.

Park Hotels & Resorts Stock Down 3.2 %

Shares of NYSE:PK traded down $0.54 during midday trading on Tuesday, reaching $16.13. The company’s stock had a trading volume of 4,607,791 shares, compared to its average volume of 2,790,225. Park Hotels & Resorts has a 12-month low of $11.05 and a 12-month high of $18.05. The firm has a market capitalization of $3.40 billion, a P/E ratio of 35.07, a PEG ratio of 0.85 and a beta of 2.03. The firm has a 50 day moving average of $16.95 and a 200-day moving average of $15.49. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.19.

Park Hotels & Resorts (NYSE:PK) last posted its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.39. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. The company had revenue of $657.00 million during the quarter, compared to analyst estimates of $665.16 million. On average, research analysts anticipate that Park Hotels & Resorts will post 2.06 earnings per share for the current year.

Park Hotels & Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.25 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.20%. Park Hotels & Resorts’s payout ratio is currently 217.39%.

Park Hotels & Resorts Company Profile

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.