Park Hotels & Resorts Inc. (NYSE:PK) Announces Quarterly Dividend of $0.65

Park Hotels & Resorts Inc. (NYSE:PK - Get Free Report) declared a quarterly dividend on Tuesday, November 26th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.65 per share by the financial services provider on Wednesday, January 15th. This represents a $2.60 annualized dividend and a dividend yield of 16.92%. This is a positive change from Park Hotels & Resorts's previous quarterly dividend of $0.25.

Park Hotels & Resorts has increased its dividend payment by an average of 10.1% per year over the last three years. Park Hotels & Resorts has a payout ratio of 109.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Park Hotels & Resorts to earn $2.19 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 45.7%.

Park Hotels & Resorts Stock Performance

NYSE PK traded down $0.13 during trading on Tuesday, reaching $15.37. 823,259 shares of the company's stock were exchanged, compared to its average volume of 2,763,490. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.51 and a quick ratio of 1.51. The business has a 50 day moving average price of $14.45 and a 200-day moving average price of $14.73. The stock has a market capitalization of $3.17 billion, a P/E ratio of 9.87, a PEG ratio of 0.83 and a beta of 2.02. Park Hotels & Resorts has a fifty-two week low of $13.23 and a fifty-two week high of $18.05.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.47 by ($0.21). Park Hotels & Resorts had a net margin of 12.66% and a return on equity of 9.63%. The firm had revenue of $649.00 million during the quarter, compared to analyst estimates of $646.15 million. During the same period in the prior year, the company earned $0.51 earnings per share. The business's quarterly revenue was down 4.4% compared to the same quarter last year. Sell-side analysts forecast that Park Hotels & Resorts will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PK has been the topic of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Park Hotels & Resorts from $14.50 to $16.00 and gave the company an "equal weight" rating in a report on Tuesday. StockNews.com cut shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. UBS Group upped their target price on Park Hotels & Resorts from $14.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, November 18th. Truist Financial reduced their target price on Park Hotels & Resorts from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. Finally, Bank of America dropped their price objective on Park Hotels & Resorts from $17.00 to $16.50 and set a "neutral" rating for the company in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Park Hotels & Resorts presently has a consensus rating of "Hold" and an average target price of $18.23.

About Park Hotels & Resorts

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.