Goldman Sachs Group upgraded shares of Park Hotels & Resorts (NYSE:PK) from a sell rating to a neutral rating in a research note issued to investors on Thursday, Marketbeat.com reports. Goldman Sachs Group currently has $27.00 price target on the financial services provider’s stock.
A number of other analysts have also recently issued reports on the stock. Wells Fargo & Co cut their target price on shares of Park Hotels & Resorts from $32.00 to $29.00 and set a market perform rating for the company in a research note on Friday, November 16th. Nomura raised their target price on shares of Park Hotels & Resorts from $30.00 to $32.00 and gave the stock a buy rating in a research note on Friday, November 2nd. Deutsche Bank set a $32.00 target price on shares of Park Hotels & Resorts and gave the stock a hold rating in a research note on Saturday, November 3rd. TheStreet upgraded shares of Park Hotels & Resorts from a c rating to a b- rating in a research note on Wednesday, December 12th. Finally, Zacks Investment Research cut shares of Park Hotels & Resorts from a buy rating to a hold rating in a research note on Tuesday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $31.28.
Shares of NYSE PK traded down $0.05 during mid-day trading on Thursday, reaching $28.43. 1,222,400 shares of the company were exchanged, compared to its average volume of 1,763,450. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market cap of $5.67 billion, a PE ratio of 10.23, a P/E/G ratio of 2.01 and a beta of 1.14. Park Hotels & Resorts has a twelve month low of $23.91 and a twelve month high of $34.27.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 14.07%. This is a positive change from Park Hotels & Resorts’s previous quarterly dividend of $0.43. The ex-dividend date is Friday, December 28th. Park Hotels & Resorts’s dividend payout ratio (DPR) is currently 143.88%.
A number of large investors have recently added to or reduced their stakes in PK. Rehmann Capital Advisory Group increased its holdings in Park Hotels & Resorts by 110.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 807 shares of the financial services provider’s stock valued at $26,000 after buying an additional 423 shares during the period. Envestnet Asset Management Inc. increased its holdings in Park Hotels & Resorts by 94.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,371 shares of the financial services provider’s stock valued at $165,000 after buying an additional 2,611 shares during the period. Abacus Planning Group Inc. bought a new position in Park Hotels & Resorts in the 3rd quarter valued at about $208,000. First Republic Investment Management Inc. bought a new position in Park Hotels & Resorts in the 2nd quarter valued at about $213,000. Finally, First Hawaiian Bank bought a new position in Park Hotels & Resorts in the 3rd quarter valued at about $250,000.
Park Hotels & Resorts Company Profile
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 consists of 54 premium-branded hotels and resorts with over 32,000 rooms, a majority of which are located in prime United States markets with high barriers to entry.
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