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

Allianz Asset Management GmbH boosted its stake in Park Hotels & Resorts Inc. (NYSE:PK) by 29.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,447,474 shares of the financial services provider’s stock after purchasing an additional 1,023,400 shares during the quarter. Allianz Asset Management GmbH owned about 2.22% of Park Hotels & Resorts worth $49,278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PK. Jones Financial Companies Lllp increased its stake in shares of Park Hotels & Resorts by 16.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 12,239 shares of the financial services provider’s stock valued at $141,000 after acquiring an additional 1,748 shares during the last quarter. AlphaQuest LLC grew its holdings in Park Hotels & Resorts by 92.7% during the third quarter. AlphaQuest LLC now owns 180,658 shares of the financial services provider’s stock valued at $2,002,000 after purchasing an additional 86,884 shares during the period. Federated Hermes Inc. increased its stake in Park Hotels & Resorts by 71.3% in the third quarter. Federated Hermes Inc. now owns 214,629 shares of the financial services provider’s stock valued at $2,378,000 after purchasing an additional 89,361 shares in the last quarter. Truist Financial Corp acquired a new stake in Park Hotels & Resorts in the third quarter worth $150,000. Finally, Y Intercept Hong Kong Ltd raised its holdings in Park Hotels & Resorts by 115.9% in the third quarter. Y Intercept Hong Kong Ltd now owns 87,442 shares of the financial services provider’s stock worth $969,000 after purchasing an additional 46,936 shares during the period. Institutional investors own 92.69% of the company’s stock.

Park Hotels & Resorts Stock Up 4.3%

PK stock opened at $11.55 on Thursday. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $2.31 billion, a P/E ratio of -165.00 and a beta of 1.45. Park Hotels & Resorts Inc. has a fifty-two week low of $8.27 and a fifty-two week high of $13.30. The business has a 50-day moving average of $10.94 and a 200-day moving average of $11.01.

Insider Buying and Selling at Park Hotels & Resorts

In other Park Hotels & Resorts news, Director Christie B. Kelly acquired 2,949 shares of the stock in a transaction dated Wednesday, January 14th. The shares were bought at an average cost of $11.19 per share, for a total transaction of $32,999.31. Following the completion of the acquisition, the director directly owned 150,501 shares of the company’s stock, valued at approximately $1,684,106.19. This trade represents a 2.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PK has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Park Hotels & Resorts from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday. Morgan Stanley set a $10.00 price target on Park Hotels & Resorts in a report on Friday, January 16th. Zacks Research cut Park Hotels & Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, January 14th. Weiss Ratings upgraded Park Hotels & Resorts from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, January 26th. Finally, Barclays assumed coverage on shares of Park Hotels & Resorts in a report on Tuesday, January 6th. They set an “overweight” rating and a $13.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Park Hotels & Resorts has a consensus rating of “Reduce” and a consensus target price of $11.27.

About Park Hotels & Resorts

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.