Envestnet Asset Management Inc. Buys New Position in Park Hotels & Resorts Inc. $PK

Envestnet Asset Management Inc. bought a new stake in Park Hotels & Resorts Inc. (NYSE:PK) during the third quarter, HoldingsChannel.com reports. The fund bought 65,544 shares of the financial services provider’s stock, valued at approximately $726,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Sculptor Capital LP lifted its stake in shares of Park Hotels & Resorts by 154.1% during 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 buying an additional 3,962,304 shares during the period. AQR Capital Management LLC raised its holdings in Park Hotels & Resorts by 76.7% in the 2nd quarter. AQR Capital Management LLC now owns 7,744,912 shares of the financial services provider’s stock valued at $79,230,000 after acquiring an additional 3,361,382 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Park Hotels & Resorts by 34.6% during the 2nd quarter. Bank of America Corp DE now owns 12,870,552 shares of the financial services provider’s stock worth $131,666,000 after purchasing an additional 3,309,275 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Park Hotels & Resorts by 29.9% during the third quarter. Allianz Asset Management GmbH now owns 4,447,474 shares of the financial services provider’s stock worth $49,278,000 after purchasing an additional 1,023,400 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Park Hotels & Resorts by 47.8% during the second quarter. Ameriprise Financial Inc. now owns 2,933,080 shares of the financial services provider’s stock worth $30,032,000 after purchasing an additional 948,128 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PK has been the topic of several recent analyst reports. Zacks Research upgraded Park Hotels & Resorts from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 19th. Morgan Stanley set a $10.00 price objective on shares of Park Hotels & Resorts in a report on Friday, January 16th. Wells Fargo & Company lowered their target price on shares of Park Hotels & Resorts from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Monday, December 1st. Wall Street Zen raised shares of Park Hotels & Resorts from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Evercore decreased their price target on shares of Park Hotels & Resorts from $13.00 to $12.00 and set an “in-line” rating on the stock in a report on Thursday, November 20th. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $11.27.

Insider Buying and Selling

In related news, Director Christie B. Kelly acquired 2,949 shares of Park Hotels & Resorts stock in a transaction on Wednesday, January 14th. The shares were bought at an average price of $11.19 per share, for a total transaction of $32,999.31. Following the completion of the purchase, the director directly owned 150,501 shares in the company, valued at $1,684,106.19. This trade represents a 2.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is owned by company insiders.

Park Hotels & Resorts Stock Up 2.7%

PK opened at $11.45 on Thursday. Park Hotels & Resorts Inc. has a 1 year low of $8.27 and a 1 year high of $12.43. The firm has a 50 day moving average price of $11.19 and a 200 day moving average price of $11.10. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $2.29 billion, a PE ratio of -8.01 and a beta of 1.40.

Park Hotels & Resorts (NYSE:PK) last released its quarterly earnings data on Thursday, February 19th. The financial services provider reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($1.50). Park Hotels & Resorts had a negative return on equity of 8.56% and a negative net margin of 11.14%.The business had revenue of $629.00 million for the quarter, compared to analysts’ expectations of $621.79 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Park Hotels & Resorts’s quarterly revenue was up .6% compared to the same quarter last year. Park Hotels & Resorts has set its FY 2026 guidance at 1.730-1.89 EPS. Sell-side analysts expect that Park Hotels & Resorts Inc. will post 2.11 earnings per share for the current year.

Park Hotels & Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.00 annualized dividend and a yield of 8.7%. Park Hotels & Resorts’s dividend payout ratio (DPR) is -69.93%.

Park Hotels & Resorts 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.