$710.05 Million in Sales Expected for Park Hotels & Resorts Inc. (PK) This Quarter
Wall Street analysts expect Park Hotels & Resorts Inc. (NYSE:PK) to announce $710.05 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Park Hotels & Resorts’ earnings, with estimates ranging from $682.82 million to $726.48 million. The firm is scheduled to announce its next quarterly earnings results on Wednesday, August 2nd.
On average, analysts expect that Park Hotels & Resorts will report full-year sales of $710.05 million for the current fiscal year, with estimates ranging from $2.58 billion to $2.77 billion. For the next financial year, analysts forecast that the business will report sales of $2.76 billion per share, with estimates ranging from $2.63 billion to $2.82 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that that provide coverage for Park Hotels & Resorts.
PK has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Wednesday, March 15th. Deutsche Bank AG initiated coverage on shares of Park Hotels & Resorts in a research report on Wednesday, April 12th. They issued a “hold” rating and a $28.00 price target on the stock. Boenning Scattergood restated an “outperform” rating on shares of Park Hotels & Resorts in a research report on Wednesday, April 12th. Susquehanna Bancshares Inc initiated coverage on shares of Park Hotels & Resorts in a research report on Wednesday, April 26th. They issued a “neutral” rating and a $28.00 price target on the stock. Finally, Evercore ISI initiated coverage on shares of Park Hotels & Resorts in a research report on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $35.29.
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In other news, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of Park Hotels & Resorts stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total value of $390,750,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.
An institutional investor recently bought a new position in Park Hotels & Resorts stock. Adelante Capital Management LLC purchased a new position in shares of Park Hotels & Resorts Inc. (NYSE:PK) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 82,048 shares of the financial services provider’s stock, valued at approximately $2,106,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Park Hotels & Resorts (PK) traded down 0.37% during midday trading on Friday, reaching $26.91. 337,818 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $26.60 and a 200-day moving average price of $26.67. Park Hotels & Resorts has a 52-week low of $24.65 and a 52-week high of $33.40. The stock has a market cap of $5.78 billion and a P/E ratio of 2.35.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.72 annualized dividend and a dividend yield of 6.37%.
Park Hotels & Resorts Company Profile
Park Hotels & Resorts Inc is a lodging real estate company. The Company has a portfolio of hotels and resorts. The Company operates through ownership segment, which includes all of its hotel properties. As of December 31, 2016, the Company’s portfolio consisted of 67 hotels and resorts with over 35,000 rooms located in the United States and international markets.
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