Vanguard Group Inc. Cuts Stock Position in Park National Co. $PRK

Vanguard Group Inc. lessened its holdings in shares of Park National Co. (NYSE:PRK) by 1.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,652,555 shares of the company’s stock after selling 31,157 shares during the quarter. Vanguard Group Inc. owned about 10.28% of Park National worth $268,590,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. Bank of Montreal Can increased its stake in Park National by 2.1% during the 2nd quarter. Bank of Montreal Can now owns 3,072 shares of the company’s stock worth $514,000 after buying an additional 64 shares during the period. Arizona State Retirement System grew its stake in shares of Park National by 1.6% in the third quarter. Arizona State Retirement System now owns 4,312 shares of the company’s stock worth $701,000 after acquiring an additional 68 shares in the last quarter. Spreng Capital Management Inc. increased its position in shares of Park National by 5.5% during the third quarter. Spreng Capital Management Inc. now owns 1,445 shares of the company’s stock worth $235,000 after acquiring an additional 75 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Park National by 3.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,895 shares of the company’s stock valued at $463,000 after acquiring an additional 87 shares in the last quarter. Finally, CWM LLC boosted its holdings in Park National by 66.4% in the second quarter. CWM LLC now owns 223 shares of the company’s stock valued at $37,000 after purchasing an additional 89 shares during the period. Institutional investors and hedge funds own 62.65% of the company’s stock.

Park National Trading Down 4.1%

PRK opened at $164.53 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. Park National Co. has a one year low of $137.97 and a one year high of $179.48. The company has a market cap of $2.97 billion, a P/E ratio of 17.67 and a beta of 0.74. The business’s 50-day simple moving average is $164.28 and its 200-day simple moving average is $162.67.

Park National Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Friday, February 20th will be given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, February 20th. Park National’s dividend payout ratio (DPR) is 39.57%.

Analysts Set New Price Targets

PRK has been the topic of several recent research reports. Zacks Research upgraded Park National from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Piper Sandler raised their target price on shares of Park National from $176.00 to $183.00 and gave the company a “neutral” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $181.50.

Park National Company Profile

Park National Corporation is a bank holding company whose primary subsidiary, The Park National Bank, provides a full suite of commercial and personal banking services. The company’s main business activities include deposit-taking, commercial and industrial lending, mortgage originations and trust and wealth management services. Park National aims to serve the financial needs of businesses, professionals, families and nonprofit organizations across its regional footprint.

Through its subsidiary banks, Park National offers traditional deposit products such as checking and savings accounts, money market accounts and certificates of deposit, alongside loan products including commercial real estate loans, agricultural lending, equipment financing and consumer installment loans.