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

Park Hotels & Resorts (NYSE:PK) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Price Performance

Park Hotels & Resorts stock traded down $0.54 during midday trading on Tuesday, reaching $16.13. 4,609,020 shares of the stock traded hands, compared to its average volume of 2,786,488. The stock has a market cap of $3.40 billion, a P/E ratio of 36.28, a PEG ratio of 0.85 and a beta of 2.03. Park Hotels & Resorts has a 12 month low of $11.05 and a 12 month high of $18.05. The stock’s fifty day moving average is $16.95 and its 200-day moving average is $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, topping analysts’ consensus estimates of $0.49 by $0.39. The firm had revenue of $657.00 million during the quarter, compared to analysts’ expectations of $665.16 million. Park Hotels & Resorts had a return on equity of 2.44% and a net margin of 3.60%. As a group, equities research analysts anticipate that Park Hotels & Resorts will post 2.06 EPS for the current year.

Park Hotels & Resorts Dividend Announcement

The firm 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. This represents a $1.00 dividend on an annualized basis and a yield of 6.20%. The ex-dividend date is Friday, June 28th. Park Hotels & Resorts’s dividend payout ratio is presently 217.39%.

Wall Street Analyst Weigh In

PK has been the subject of a number of research reports. Barclays lifted their price target on shares of Park Hotels & Resorts from $19.00 to $21.00 and gave the company an overweight rating in a research report on Friday, March 1st. 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 report on Wednesday, March 6th. Truist Financial upped their target price on Park Hotels & Resorts from $20.00 to $21.00 and gave the company a buy rating in a report on Thursday, March 14th. Wells Fargo & Company upped their target price on Park Hotels & Resorts from $17.00 to $18.00 and gave the stock an equal weight rating in a research report on Thursday, March 21st. Finally, Citigroup upgraded Park Hotels & Resorts from a neutral rating to a buy rating and increased their price objective for the stock from $14.00 to $20.00 in a research note on Friday, March 22nd. One 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. According to data from MarketBeat, Park Hotels & Resorts currently has an average rating of Hold and an average price target of $17.58.

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.