Park Hotels & Resorts (NYSE:PK) Updates Q2 Earnings Guidance

Park Hotels & Resorts (NYSE:PKGet Rating) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.40-0.49 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.34.

Park Hotels & Resorts stock opened at $19.59 on Thursday. The stock has a 50-day simple moving average of $18.92 and a 200 day simple moving average of $18.83. The company has a quick ratio of 3.61, a current ratio of 3.02 and a debt-to-equity ratio of 1.09. Park Hotels & Resorts has a 12-month low of $15.77 and a 12-month high of $22.83.

Park Hotels & Resorts (NYSE:PKGet Rating) last released its quarterly earnings results on Monday, May 2nd. The financial services provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.25). Park Hotels & Resorts had a negative net margin of 19.45% and a negative return on equity of 7.37%. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $420.53 million. During the same period in the prior year, the firm earned ($0.48) earnings per share. The business’s quarterly revenue was up 190.3% compared to the same quarter last year. Sell-side analysts anticipate that Park Hotels & Resorts will post 1.09 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 15th. Investors of record on Thursday, March 31st were issued a $0.01 dividend. The ex-dividend date was Wednesday, March 30th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.20%. Park Hotels & Resorts’s dividend payout ratio is -2.92%.

PK has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price target on Park Hotels & Resorts from $26.00 to $28.00 in a report on Tuesday. TheStreet upgraded Park Hotels & Resorts from a d+ rating to a c- rating in a research report on Friday, February 18th. Bank of America lowered Park Hotels & Resorts from a buy rating to a neutral rating and lowered their price objective for the stock from $24.00 to $23.00 in a research report on Monday, January 10th. Jefferies Financial Group lowered Park Hotels & Resorts from a buy rating to a hold rating and lowered their price objective for the stock from $25.00 to $19.00 in a research report on Wednesday, March 30th. Finally, StockNews.com upgraded Park Hotels & Resorts from a sell rating to a hold rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $21.86.

Several institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC grew its position in shares of Park Hotels & Resorts by 85.6% in the 4th quarter. Penserra Capital Management LLC now owns 10,535 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 4,860 shares during the period. Allstate Corp acquired a new position in shares of Park Hotels & Resorts in the 4th quarter valued at approximately $382,000. Synovus Financial Corp acquired a new position in shares of Park Hotels & Resorts in the 4th quarter valued at approximately $424,000. Advisors Asset Management Inc. grew its position in shares of Park Hotels & Resorts by 6.4% in the 4th quarter. Advisors Asset Management Inc. now owns 28,572 shares of the financial services provider’s stock valued at $539,000 after purchasing an additional 1,727 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Park Hotels & Resorts in the 4th quarter valued at approximately $731,000. Institutional investors own 90.60% of the company’s stock.

About Park Hotels & Resorts (Get Rating)

Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations.

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Earnings History and Estimates for Park Hotels & Resorts (NYSE:PK)

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