Park National Co. $PRK Shares Sold by Summit Financial Strategies Inc.

Summit Financial Strategies Inc. decreased its holdings in shares of Park National Co. (NYSE:PRK) by 41.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 9,058 shares of the company’s stock after selling 6,389 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Park National were worth $1,658,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB lifted its stake in Park National by 253.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company’s stock worth $28,000 after purchasing an additional 109 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Park National by 629.2% during the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock worth $29,000 after buying an additional 151 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Park National in the 2nd quarter valued at $30,000. Quarry LP raised its holdings in shares of Park National by 878.3% during the 3rd quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after acquiring an additional 202 shares during the period. Finally, Sarver Vrooman Wealth Advisors acquired a new position in shares of Park National during the 4th quarter valued at about $46,000. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRK has been the topic of a number of analyst reports. Raymond James Financial assumed coverage on shares of Park National in a research note on Tuesday, July 7th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods upped their price objective on Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Finally, Piper Sandler increased their price objective on Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Park National has a consensus rating of “Hold” and an average price target of $211.00.

Park National Stock Down 2.2%

Shares of NYSE:PRK opened at $190.54 on Wednesday. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 20.47 and a beta of 0.67. Park National Co. has a 12-month low of $149.06 and a 12-month high of $215.00. The business has a 50-day moving average price of $196.08 and a 200 day moving average price of $178.72. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be given a dividend of $1.10 per share. The ex-dividend date is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Park National’s dividend payout ratio (DPR) is currently 39.39%.

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.