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 also updated its FY 2024 guidance to 2.070-2.270 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PK. UBS Group upped their target price on shares of Park Hotels & Resorts from $14.00 to $18.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. Wells Fargo & Company increased their price objective on shares of Park Hotels & Resorts from $17.00 to $18.00 and gave the company an equal weight rating in a research report on Thursday, March 21st. Citigroup upgraded shares of Park Hotels & Resorts from a neutral rating to a buy rating and raised their price objective for the company from $14.00 to $20.00 in a report on Friday, March 22nd. StockNews.com upgraded shares of Park Hotels & Resorts from a sell rating to a hold rating in a research note on Wednesday. Finally, Truist Financial increased 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. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Park Hotels & Resorts has a consensus rating of Hold and an average target price of $17.58.

Park Hotels & Resorts Stock Performance

NYSE:PK traded down $0.02 during mid-day trading on Thursday, reaching $15.95. The stock had a trading volume of 3,512,372 shares, compared to its average volume of 2,811,036. Park Hotels & Resorts has a twelve month low of $11.05 and a twelve month high of $18.05. The business has a 50 day simple moving average of $16.97 and a 200 day simple moving average of $15.52. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 35.98, a PEG ratio of 0.83 and a beta of 2.02. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.30 and a current ratio of 1.30.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.39. Park Hotels & Resorts had a return on equity of 3.05% and a net margin of 3.42%. The firm had revenue of $657.00 million during the quarter, compared to analysts’ expectations of $665.16 million. On average, analysts expect that Park Hotels & Resorts will post 2.06 earnings per share for the current fiscal year.

Park Hotels & Resorts Dividend Announcement

The company 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 dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $1.00 annualized dividend and a yield of 6.27%. Park Hotels & Resorts’s dividend payout ratio is presently 227.28%.

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.