Park Hotels & Resorts Inc. (NYSE:PK) Expected to Announce Quarterly Sales of $711.68 Million

Equities research analysts forecast that Park Hotels & Resorts Inc. (NYSE:PK) will post $711.68 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Park Hotels & Resorts’ earnings, with estimates ranging from $688.00 million to $726.48 million. The firm is expected to report its next quarterly earnings report after the market closes on Wednesday, August 2nd.

According to Zacks, analysts expect that Park Hotels & Resorts will report full-year sales of $711.68 million for the current financial year, with estimates ranging from $2.59 billion to $2.77 billion. For the next financial year, analysts expect that the company will report sales of $2.76 billion per share, with estimates ranging from $2.63 billion to $2.82 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Park Hotels & Resorts.

PK has been the subject of a number of research reports. Zacks Investment Research raised Park Hotels & Resorts from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Tuesday, July 11th. Deutsche Bank AG initiated coverage on Park Hotels & Resorts in a research report on Wednesday, April 12th. They set a “hold” rating and a $28.00 price objective for the company. Jefferies Group LLC lifted their price objective on Park Hotels & Resorts from $58.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, June 20th. Cowen and Company lifted their price objective on 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. Finally, UBS AG initiated coverage on Park Hotels & Resorts in a research report on Wednesday, April 26th. They set a “neutral” rating for the company. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $34.93.

Park Hotels & Resorts (NYSE:PK) opened at 27.07 on Wednesday. The stock has a market capitalization of $5.81 billion and a P/E ratio of 2.36. Park Hotels & Resorts has a 12-month low of $24.65 and a 12-month high of $33.40. The stock has a 50 day moving average price of $27.18 and a 200-day moving average price of $26.58.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were given a dividend of $0.43 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.72 annualized dividend and a dividend yield of 6.35%.

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In related news, major shareholder Hlt Holdco Iii Prime Llc sold 15,000,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.25% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new position in shares of Park Hotels & Resorts during the second quarter valued at about $1,690,000. Adelante Capital Management LLC purchased a new position in shares of Park Hotels & Resorts during the first quarter valued at about $2,106,000. Aperio Group LLC raised its position in shares of Park Hotels & Resorts by 1,065.3% in the second quarter. Aperio Group LLC now owns 413,435 shares of the financial services provider’s stock valued at $11,146,000 after buying an additional 377,955 shares in the last quarter. Balasa Dinverno & Foltz LLC purchased a new position in shares of Park Hotels & Resorts during the second quarter valued at about $307,000. Finally, Cascade Investment Advisors Inc. raised its stake in Park Hotels & Resorts by 24.8% in the second quarter. Cascade Investment Advisors Inc. now owns 28,358 shares of the financial services provider’s stock valued at $765,000 after buying an additional 5,637 shares in the last quarter. Hedge funds and other institutional investors own 97.44% of the company’s stock.

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.

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

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