Park Hotels & Resorts Inc. (PK) PT Set at $29.00 by Boenning Scattergood
Park Hotels & Resorts Inc. (NYSE:PK) has been assigned a $29.00 price target by equities researchers at Boenning Scattergood in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Boenning Scattergood’s price objective suggests a potential upside of 0.90% from the stock’s previous close.
The analysts wrote, “We are tweaking our quarterly FFO per share estimates for the remainder of 2017 and 2018 to reflect historical seasonality. Our full year estimates and NAV per share estimates remain unchanged. Our updated estimates do not reflect any potential hurricane impacts to its Caribe Hilton-San Juan asset that will be closed for the foreseeable future due to substantial damage, much of which would be covered through business disruption and property damage insurance. In addition, we note that the Embassy Suites San Rafael in Napa Valley is fully booked for displaced residents for the rest of October.””
Several other research firms have also commented on PK. Cowen and Company upped their price target on shares of Park Hotels & Resorts from $61.00 to $70.00 and gave the company a “market perform” rating in a research report on Tuesday, June 20th. Jefferies Group LLC upped their price target on shares of Park Hotels & Resorts from $58.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, June 20th. Zacks Investment Research lowered shares of Park Hotels & Resorts from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Canaccord Genuity reduced their price target on shares of Park Hotels & Resorts from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $34.80.
Park Hotels & Resorts (NYSE PK) traded up 0.52% during mid-day trading on Wednesday, reaching $28.74. 678,937 shares of the company were exchanged. The company has a market capitalization of $6.17 billion and a PE ratio of 2.46. The stock has a 50-day moving average price of $27.27 and a 200 day moving average price of $26.68. Park Hotels & Resorts has a one year low of $24.65 and a one year high of $30.74.
Park Hotels & Resorts (NYSE:PK) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.04. The company had revenue of $733.00 million for the quarter, compared to the consensus estimate of $716.51 million. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Analysts predict that Park Hotels & Resorts will post $12.01 EPS for the current year.
TRADEMARK VIOLATION NOTICE: This piece of content was published by American Banking News and is owned by of American Banking News. If you are viewing this piece of content on another site, it was stolen and republished in violation of U.S. and international copyright legislation. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/18/park-hotels-resorts-inc-pk-earns-buy-rating-from-boenning-scattergood.html.
In related news, Director Stephen I. Sadove acquired 9,600 shares of the business’s stock in a transaction on Friday, August 4th. The stock was acquired at an average cost of $25.97 per share, with a total value of $249,312.00. Following the acquisition, the director now directly owns 20,151 shares in the company, valued at approximately $523,321.47. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.25% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new stake in Park Hotels & Resorts during the 2nd quarter valued at approximately $248,000. Public Employees Retirement System of Ohio grew its holdings in Park Hotels & Resorts by 319.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 217,603 shares of the financial services provider’s stock valued at $5,867,000 after buying an additional 165,717 shares in the last quarter. Koch Industries Inc. purchased a new stake in Park Hotels & Resorts during the 2nd quarter valued at approximately $477,000. California State Teachers Retirement System grew its holdings in Park Hotels & Resorts by 5.6% during the 2nd quarter. California State Teachers Retirement System now owns 238,907 shares of the financial services provider’s stock valued at $6,441,000 after buying an additional 12,638 shares in the last quarter. Finally, M&R Capital Management Inc. purchased a new stake in Park Hotels & Resorts during the 2nd quarter valued at approximately $362,000. 97.19% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Park Hotels & Resorts Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Park Hotels & Resorts Inc. and related companies with MarketBeat.com's FREE daily email newsletter.