Park Hotels & Resorts Inc. (NYSE:PK – Get Rating) – Equity researchers at Truist Financial have cut their third quarter 2022 earnings per share (EPS) estimates for Park Hotels & Resorts in a note to investors on Tuesday March 15. Truist Financial analyst P. Scholes now expects the financial services provider to post earnings of $0.35 per share for the quarter, down from its previous estimate of $0.37. Truist Financial has a “Hold” rating and a price target of $22.00 on the stock. Truist Financial also released estimates for Park Hotels & Resorts FY2022 earnings at $1.02 EPS, Q1 2023 earnings at $0.39 EPS, Q3 2023 earnings at $0.41 EPS and FY2023 earnings at $1.88 EPS. Park Hotels & Resorts (NYSE:PK – Get Rating) last released its results on Thursday, February 17. The financial services provider reported ($0.28) EPS for the quarter, missing analyst consensus estimates of $0.04 per ($0.32). Park Hotels & Resorts recorded a negative net margin of 33.70% and a negative return on equity of 10.16%. During the same period of the previous year, the company posted ($0.53) EPS.
PK has been the subject of a number of other research reports. TheStreet upgraded Park Hotels & Resorts from a “d+” rating to a “c-” rating in a Friday, February 18 report. Zacks Investment Research downgraded Park Hotels & Resorts from a “holding” rating to a “strong sell” rating in a Thursday, Feb. 3 report. Goldman Sachs Group downgraded Park Hotels & Resorts from a “neutral” rating to a “sell” rating and lowered its price target for the company from $20.00 to $18.00 in a Tuesday, Dec. 14 report . Bank of America downgraded Park Hotels & Resorts from a “buy” rating to a “neutral” rating and lowered its price target for the company from $24.00 to $23.00 in a Monday, January 10 report. Finally, UBS Group downgraded Park Hotels & Resorts to a “neutral” rating in a Monday, January 10 report. Two research analysts rated the stock with a sell rating, five gave the company a hold rating and three gave the company a buy rating. Based on data from MarketBeat.com, Park Hotels & Resorts has an average rating of “Hold” and a consensus target price of $21.50.
NYSE PK shares opened at $18.91 on Friday. The company has a current ratio of 3.61, a quick ratio of 3.61 and a debt ratio of 1.06. The stock has a 50-day moving average price of $18.68 and a 200-day moving average price of $18.86. Park Hotels & Resorts has a 52-week minimum of $15.77 and a 52-week maximum of $24.67.
Several institutional investors and hedge funds have recently changed their holdings in the company. Cambridge Investment Research Advisors Inc. increased its holdings of Park Hotels & Resorts shares by 3.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 19,024 shares of the financial services provider valued at $364,000 after buying an additional 565 shares in the last quarter. State of Michigan Retirement System increased its holdings of Park Hotels & Resorts shares by 1.2% during the fourth quarter. State of Michigan Retirement System now owns 59,965 shares of the financial services provider valued at $1,132,000 after buying 700 additional shares in the last quarter. Fifth Third Bancorp increased its equity stake in Park Hotels & Resorts by 7.5% during the third quarter. Fifth Third Bancorp now owns 10,127 shares of the financial services provider valued at $194,000 after buying an additional 703 shares in the last quarter. Amalgamated Bank increased its equity stake in Park Hotels & Resorts by 0.5% during the fourth quarter. Amalgamated Bank now owns 169,269 shares of the financial services provider valued at $3,196,000 after buying 866 additional shares in the last quarter. Finally, Rockefeller Capital Management LP increased its equity stake in Park Hotels & Resorts by 166.3% during the 4th quarter. Rockefeller Capital Management LP now owns 1,518 shares of the financial services provider valued at $28,000 after buying 948 additional shares in the last quarter. Hedge funds and other institutional investors hold 87.91% of the company’s shares.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 15. Shareholders of record on Thursday, March 31 will receive a dividend of $0.01 per share. The ex-dividend date is Wednesday, March 30. This represents a dividend of $0.04 on an annualized basis and a yield of 0.21%.
About Park Hotels & Resorts (Get a rating)
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 includes Waldorf Astoria, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton and Curio hotels and resorts.
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