With an annual dividend yield of 6.81%, Park Hotels & Resorts Inc. (NYSE:PK) is included among the 12 Stocks with Highest Dividend to Invest In Now.
On June 12, BMO Capital raised its price recommendation on Park Hotels & Resorts Inc. (NYSE:PK) to $14 from $11. It reiterated a Market Perform rating on the shares as part of a broader research note covering gaming and lodging companies. The firm said expectations surrounding the FIFA World Cup have become less of a focus as hotel operators continue to report strong RevPAR performance. According to the analyst, that strength points to potential upside in second-quarter results and guidance, even if the anticipated World Cup boost does not materialize. BMO added that World Cup expectations are currently fairly modest. Hotel pricing has also continued to ease, with rates moving lower at about 70% of lodging REIT properties since April.
Earlier, on June 1, Barclays raised its price goal on PK to $12 from $9. It kept an Equal Weight rating on the stock. The firm increased its estimates and price targets for hotel REITs, citing stronger operating performance so far this year. At the same time, Barclays noted that the lodging sector’s recent outperformance may have outpaced the underlying earnings outlook. The analyst described the valuation environment as “too far, too fast” and said the firm is becoming “incrementally cautious on valuation.”
Park Hotels & Resorts Inc. (NYSE:PK) is a lodging real estate investment trust (REIT) that owns a portfolio of hotels and resorts across the United States. Its portfolio includes approximately 34 hotels and resorts with about 23,000 rooms.
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