SunTrust Banks Comments on Park Hotels & Resorts Inc.’s Q4 2017 Earnings (PK)

Park Hotels & Resorts Inc. (NYSE:PK) – Stock analysts at SunTrust Banks upped their Q4 2017 earnings per share estimates for shares of Park Hotels & Resorts in a research note issued on Thursday. SunTrust Banks analyst P. Scholes now forecasts that the financial services provider will post earnings of $0.67 per share for the quarter, up from their previous estimate of $0.66. SunTrust Banks also issued estimates for Park Hotels & Resorts’ Q4 2018 earnings at $0.69 EPS.

PK has been the subject of several other reports. Jefferies Group LLC boosted their price target on Park Hotels & Resorts from $58.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, June 20th. Evercore ISI started coverage on Park Hotels & Resorts in a research note on Wednesday, May 31st. They issued an “outperform” rating and a $28.00 price target for the company. Boenning Scattergood restated an “outperform” rating and issued a $30.00 price target on shares of Park Hotels & Resorts in a research note on Tuesday, April 18th. Deutsche Bank AG started coverage on Park Hotels & Resorts in a research note on Wednesday, April 12th. They issued a “hold” rating and a $28.00 price target for the company. Finally, Cowen and Company boosted their price target on Park Hotels & Resorts from $61.00 to $70.00 and gave the company a “market perform” rating in a research note on Tuesday, June 20th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $34.80.

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Shares of Park Hotels & Resorts (NYSE:PK) traded down 0.69% during midday trading on Monday, reaching $26.07. The company’s stock had a trading volume of 576,891 shares. The firm has a market cap of $5.60 billion and a price-to-earnings ratio of 2.23. Park Hotels & Resorts has a 12 month low of $24.65 and a 12 month high of $30.74. The company has a 50-day moving average price of $27.03 and a 200-day moving average price of $26.56.

Park Hotels & Resorts (NYSE:PK) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The company had revenue of $733 million for the quarter, compared to the consensus estimate of $716.51 million. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year.

A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado boosted its position in shares of Park Hotels & Resorts by 1.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 24,246 shares of the financial services provider’s stock valued at $654,000 after buying an additional 450 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Park Hotels & Resorts by 7.1% in the second quarter. CIBC Asset Management Inc now owns 9,416 shares of the financial services provider’s stock valued at $254,000 after buying an additional 624 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Park Hotels & Resorts by 9.2% in the second quarter. Teacher Retirement System of Texas now owns 10,437 shares of the financial services provider’s stock valued at $281,000 after buying an additional 878 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Park Hotels & Resorts by 53.9% in the second quarter. Pacer Advisors Inc. now owns 5,938 shares of the financial services provider’s stock valued at $160,000 after buying an additional 2,080 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its position in shares of Park Hotels & Resorts by 13.0% in the second quarter. State of Wisconsin Investment Board now owns 25,669 shares of the financial services provider’s stock valued at $692,000 after buying an additional 2,950 shares in the last quarter. 97.07% of the stock is owned by hedge funds and other institutional investors.

In other Park Hotels & Resorts 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 stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen I. Sadove acquired 9,600 shares of the company’s stock in a transaction on Friday, August 4th. The stock was bought at an average cost of $25.97 per share, with a total value of $249,312.00. Following the completion of the acquisition, the director now directly owns 20,151 shares in the company, valued at $523,321.47. The disclosure for this purchase can be found here. 0.25% of the stock is owned by insiders.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.72 annualized dividend and a yield of 6.55%.

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.

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

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