Jefferies Financial Group Inc. Decreases Stake in Park National Co. $PRK

Jefferies Financial Group Inc. lessened its holdings in shares of Park National Co. (NYSE:PRK) by 40.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,400 shares of the company’s stock after selling 3,600 shares during the period. Jefferies Financial Group Inc.’s holdings in Park National were worth $878,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. First Trust Advisors LP boosted its holdings in shares of Park National by 22.3% during the 3rd quarter. First Trust Advisors LP now owns 22,900 shares of the company’s stock worth $3,722,000 after purchasing an additional 4,176 shares during the last quarter. Kennondale Capital Management LLC increased its holdings in shares of Park National by 42.7% in the third quarter. Kennondale Capital Management LLC now owns 4,108 shares of the company’s stock valued at $668,000 after purchasing an additional 1,230 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Park National by 33.1% in the third quarter. Rafferty Asset Management LLC now owns 11,089 shares of the company’s stock valued at $1,802,000 after purchasing an additional 2,760 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Park National by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 46,045 shares of the company’s stock worth $7,484,000 after buying an additional 2,058 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in Park National by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 55,782 shares of the company’s stock worth $9,066,000 after buying an additional 6,074 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Park National Stock Up 0.4%

Shares of NYSE PRK opened at $157.78 on Friday. The company has a market capitalization of $2.85 billion, a P/E ratio of 16.95 and a beta of 0.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The company has a 50 day simple moving average of $165.34 and a 200-day simple moving average of $162.33. Park National Co. has a 1 year low of $137.97 and a 1 year high of $179.48.

Park National Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Friday, February 20th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, February 20th. Park National’s payout ratio is 39.57%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PRK shares. Zacks Research upgraded Park National from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Piper Sandler lifted their price target on Park National from $176.00 to $183.00 and gave the stock 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 given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.50.

About Park National

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.