Jupiter Topco LLC Makes New Investment in Park National Co. $PRK

Jupiter Topco LLC purchased a new stake in shares of Park National Co. (NYSE:PRK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,028 shares of the company’s stock, valued at approximately $1,470,000.

Several other hedge funds have also made changes to their positions in PRK. MassMutual Private Wealth & Trust FSB raised its stake in Park National by 253.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company’s stock valued at $28,000 after purchasing an additional 109 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Park National by 629.2% in 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 period. Danske Bank A S grew its holdings in shares of Park National by 100.0% during the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock valued at $30,000 after buying an additional 100 shares in the last quarter. Quarry LP raised its position in Park National by 878.3% during the third quarter. Quarry LP now owns 225 shares of the company’s stock valued at $37,000 after buying an additional 202 shares during the period. Finally, Versant Capital Management Inc lifted its stake in Park National by 156.9% in the 2nd quarter. Versant Capital Management Inc now owns 262 shares of the company’s stock worth $48,000 after acquiring an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Analyst Ratings Changes

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

Park National Stock Down 0.5%

PRK opened at $194.73 on Friday. The firm has a market cap of $3.52 billion, a P/E ratio of 20.92 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The business has a 50 day moving average price of $195.67 and a 200 day moving average price of $178.44. Park National Co. has a twelve month low of $149.06 and a twelve month high of $215.00.

Park National Announces Dividend

The company also recently announced 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 of this dividend is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Park National’s payout ratio is currently 39.39%.

Park National 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.