Park Hotels & Resorts declared a fourth quarter dividend of $0.65 per share, returning $375 million to shareholders in 2024.
Quiver AI Summary
Park Hotels & Resorts Inc. has announced a fourth quarter dividend of $0.65 per share, which consists of a regular quarterly dividend of $0.25 and a top-off dividend of $0.40 based on the company’s 2024 performance. This dividend will be paid on January 15, 2025, to shareholders of record by December 31, 2024. Together with dividends from the first three quarters, Park's total annual yield will be 9.0% based on its closing stock price as of November 25, 2024. The company projects to return $375 million to shareholders in 2024 through dividend payments and share repurchases. Additionally, the press release includes cautionary statements regarding forward-looking statements and potential risks affecting its operations and financial results.
Potential Positives
- Park Hotels & Resorts has declared a fourth quarter dividend of $0.65 per share, including a $0.40 top-off dividend, reflecting strong operating results for 2024.
- The annual yield of 9.0% based on the closing stock price as of November 25, 2024, positions Park as an attractive option for investors.
- The company has returned a total of $375 million in capital to shareholders in 2024 through dividends and share repurchases, indicating robust financial health and commitment to shareholder value.
Potential Negatives
- The Company has ceased payments on a significant $725 million SF Mortgage Loan, which indicates potential financial distress and may lead to serious repercussions, including the hotels being put into receivership.
- Recent labor activity could adversely affect the Company's operations, including the potential cancellation of group events, which may impact future revenue streams.
- The press release emphasizes numerous uncertainties surrounding financial performance and conditions due to macroeconomic factors, implying instability and risk for investors.
FAQ
What is the amount of Park Hotels' fourth quarter dividend?
Park Hotels has declared a fourth quarter dividend of $0.65 per share of common stock.
When will the dividend payment be made?
The dividend will be paid in cash on January 15, 2025, to stockholders of record as of December 31, 2024.
What is the expected annual yield for 2024 dividends?
The combined dividends for 2024 represent an annual yield of 9.0% based on stock prices as of November 25, 2024.
How much capital has Park returned to shareholders in 2024?
Park Hotels will have returned approximately $375 million of capital to shareholders in 2024.
What is the current portfolio size of Park Hotels & Resorts?
Park's portfolio includes 41 premium-branded hotels and resorts with over 25,000 rooms.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PK Hedge Fund Activity
We have seen 177 institutional investors add shares of $PK stock to their portfolio, and 219 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC removed 1,797,696 shares (-69.2%) from their portfolio in Q3 2024
- BLACKROCK, INC. added 1,506,133 shares (+5.5%) to their portfolio in Q3 2024
- DONALD SMITH & CO., INC. added 1,484,295 shares (+22.5%) to their portfolio in Q3 2024
- KETTLE HILL CAPITAL MANAGEMENT, LLC removed 1,346,946 shares (-100.0%) from their portfolio in Q3 2024
- BALYASNY ASSET MANAGEMENT L.P. added 1,315,667 shares (+inf%) to their portfolio in Q3 2024
- JUPITER ASSET MANAGEMENT LTD removed 1,178,397 shares (-45.4%) from their portfolio in Q3 2024
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 1,050,000 shares (-100.0%) from their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TYSONS, Va., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (NYSE: PK) (“Park” or the “Company”) announced today that the Company has declared a fourth quarter dividend of $0.65 per share of common stock which includes Park’s regular quarterly dividend of $0.25 coupled with a $0.40 top off dividend based on 2024 operating results. The dividend will be paid in cash on January 15, 2025 to stockholders of record as of December 31, 2024.
The fourth quarter dividend, together with the regular cash dividends declared for the first three quarters of 2024, represent an annual yield of 9.0% based on the closing stock price as of November 25, 2024.
In total, Park will have returned $375 million of capital to shareholders in 2024 when considering the approximately $290 million in cumulative dividend payments, and over $85 million of share repurchases for nearly 6 million shares executed throughout the year including approximately $26 million of stock repurchased quarter-to-date.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to the effects of Park's decision to cease payments on its $725 million SF Mortgage Loan secured by the Hilton San Francisco Hotels and the lender's exercise of its remedies, including placing such hotels into receivership, the ultimate impact of recent labor activity on Park (including the potential that group events that have been cancelled will be rebooked for a future period) or any future labor activity, as well as Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including anticipated repayment of certain of Park's indebtedness, the completion of capital allocation priorities, the expected repurchase of Park's stock, the impact from macroeconomic factors (including inflation, elevated interest rates, potential economic slowdown or a recession and geopolitical conflicts), the effects of competition and the effects of future legislation or regulations, the expected completion of anticipated dispositions, the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “hopes” or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events. All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: “Risk Factors” in Park’s Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in Park’s filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Park Hotels & Resorts
Park is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 41 premium-branded hotels and resorts with over 25,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information
For more information, contact:
Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
iweissman@pkhotelsandresorts.com
For additional information or to receive press releases via e-mail, please visit our website at
www.pkhotelsandresorts.com