Balyasny Asset Management L.P. Buys 678,102 Shares of Park Hotels & Resorts Inc. (NYSE:PK)

Balyasny Asset Management L.P. raised its position in Park Hotels & Resorts Inc. (NYSE:PK - Free Report) by 59.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,818,769 shares of the financial services provider's stock after buying an additional 678,102 shares during the period. Balyasny Asset Management L.P. owned 0.88% of Park Hotels & Resorts worth $25,590,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Park Hotels & Resorts by 0.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 79,994 shares of the financial services provider's stock worth $1,128,000 after buying an additional 752 shares in the last quarter. Assetmark Inc. boosted its holdings in Park Hotels & Resorts by 3.4% in the 4th quarter. Assetmark Inc. now owns 23,355 shares of the financial services provider's stock valued at $329,000 after purchasing an additional 764 shares during the period. Coldstream Capital Management Inc. boosted its holdings in Park Hotels & Resorts by 7.3% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,931 shares of the financial services provider's stock valued at $168,000 after purchasing an additional 813 shares during the period. Xponance Inc. boosted its holdings in Park Hotels & Resorts by 3.8% in the 4th quarter. Xponance Inc. now owns 24,650 shares of the financial services provider's stock valued at $347,000 after purchasing an additional 892 shares during the period. Finally, Cascade Investment Advisors Inc. boosted its holdings in Park Hotels & Resorts by 1.3% in the 4th quarter. Cascade Investment Advisors Inc. now owns 73,487 shares of the financial services provider's stock valued at $1,034,000 after purchasing an additional 915 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on PK. StockNews.com downgraded shares of Park Hotels & Resorts from a "hold" rating to a "sell" rating in a report on Thursday, April 10th. Wells Fargo & Company dropped their price objective on shares of Park Hotels & Resorts from $17.00 to $14.00 and set an "equal weight" rating for the company in a report on Tuesday, February 18th. Truist Financial dropped their price objective on shares of Park Hotels & Resorts from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, March 21st. UBS Group cut their target price on Park Hotels & Resorts from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Monday, February 3rd. Finally, Evercore ISI cut their target price on Park Hotels & Resorts from $16.00 to $13.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Park Hotels & Resorts has an average rating of "Hold" and a consensus target price of $14.60.

Park Hotels & Resorts Trading Up 8.1%

PK stock traded up $0.85 on Monday, reaching $11.23. The company's stock had a trading volume of 2,119,993 shares, compared to its average volume of 3,365,917. The business has a fifty day simple moving average of $10.48 and a two-hundred day simple moving average of $12.83. Park Hotels & Resorts Inc. has a 12-month low of $8.27 and a 12-month high of $16.58. The firm has a market cap of $2.27 billion, a PE ratio of 11.11, a PEG ratio of 1.51 and a beta of 1.75. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.51 and a current ratio of 1.19.

Park Hotels & Resorts (NYSE:PK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. Park Hotels & Resorts had a net margin of 8.16% and a return on equity of 5.63%. The company had revenue of $630.00 million during the quarter, compared to the consensus estimate of $620.17 million. During the same period in the prior year, the firm earned $0.52 earnings per share. Park Hotels & Resorts's revenue was down 1.4% on a year-over-year basis. As a group, research analysts forecast that Park Hotels & Resorts Inc. will post 2.11 EPS for the current year.

Park Hotels & Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.91%. The ex-dividend date of this dividend is Monday, June 30th. Park Hotels & Resorts's payout ratio is currently 169.49%.

About Park Hotels & Resorts

Park Hotels & Resorts, Inc operates as a real estate investment trust, which owns and operates hotels and resorts. It operates through the Consolidated Hotels and Unconsolidated Hotels segments. Its portfolio of hotels and resorts include the Waldorf Astoria Hotels and Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites by Hilton, Hilton Garden Inn, Hampton by Hilton, and Curio.