Allianz Asset Management GmbH Has $49.28 Million Stock Holdings in Park Hotels & Resorts Inc. $PK

Allianz Asset Management GmbH grew its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 29.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,447,474 shares of the financial services provider’s stock after acquiring an additional 1,023,400 shares during the period. Allianz Asset Management GmbH’s holdings in Park Hotels & Resorts were worth $49,278,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Sculptor Capital LP grew its stake in Park Hotels & Resorts by 154.1% in the second quarter. Sculptor Capital LP now owns 6,534,153 shares of the financial services provider’s stock valued at $66,844,000 after purchasing an additional 3,962,304 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Park Hotels & Resorts by 76.7% during the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock worth $79,230,000 after purchasing an additional 3,361,382 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Park Hotels & Resorts by 34.6% in the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock valued at $131,666,000 after buying an additional 3,309,275 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Park Hotels & Resorts by 47.8% in the second quarter. Ameriprise Financial Inc. now owns 2,933,080 shares of the financial services provider’s stock valued at $30,032,000 after buying an additional 948,128 shares in the last quarter. Finally, CSM Advisors LLC acquired a new position in Park Hotels & Resorts during the second quarter worth $5,254,000. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Trading Up 4.3%

Shares of NYSE:PK opened at $11.55 on Thursday. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $13.30. The business has a 50 day moving average of $10.94 and a 200-day moving average of $11.01. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.37. The stock has a market cap of $2.31 billion, a PE ratio of -165.00 and a beta of 1.45.

Insiders Place Their Bets

In other news, Director Christie B. Kelly purchased 2,949 shares of Park Hotels & Resorts stock in a transaction that occurred on Wednesday, January 14th. The stock was acquired at an average cost of $11.19 per share, for a total transaction of $32,999.31. Following the purchase, the director directly owned 150,501 shares of the company’s stock, valued at $1,684,106.19. This trade represents a 2.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PK. Zacks Research cut shares of Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 14th. Barclays initiated coverage on shares of Park Hotels & Resorts in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $13.00 target price for the company. Morgan Stanley set a $10.00 price target on Park Hotels & Resorts in a research report on Friday, January 16th. Wells Fargo & Company dropped their price objective on Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Monday, December 1st. Finally, Evercore ISI reduced their target price on Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating for the company in a research note on Thursday, November 20th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Park Hotels & Resorts presently has an average rating of “Reduce” and an average price target of $11.27.

Park Hotels & Resorts Company Profile

Park Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) specializing in luxury and upper-upscale hospitality properties. The company’s primary business activity involves owning and leasing premier hotels and resorts across major urban and resort destinations. Through long-term management and franchise agreements with leading hotel operators, Park generates revenue from room nights, food and beverage offerings, meetings and events, and ancillary services.

Since its spin-off from Hilton Worldwide in January 2017, Park Hotels & Resorts has assembled a diversified portfolio of more than 60 properties.