Deutsche Bank AG Purchases New Stake in Park National Co. $PRK

Deutsche Bank AG acquired a new position in shares of Park National Co. (NYSE:PRK) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 17,800 shares of the company’s stock, valued at approximately $3,257,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Park National Corp OH raised its holdings in shares of Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock worth $188,942,000 after purchasing an additional 103,142 shares during the period. State Street Corp grew its position in shares of Park National by 8.3% during the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after buying an additional 51,381 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Park National by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock worth $84,570,000 after acquiring an additional 5,859 shares during the period. Bank of New York Mellon Corp bought a new position in Park National in the second quarter worth about $23,652,000. Finally, Principal Financial Group Inc. lifted its holdings in Park National by 14.5% in the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company’s stock worth $12,763,000 after acquiring an additional 9,865 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Park National Stock Performance

PRK opened at $199.54 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $193.46 and its 200-day moving average is $177.45. The stock has a market cap of $3.60 billion, a PE ratio of 21.43 and a beta of 0.69. Park National Co. has a twelve month low of $149.06 and a twelve month high of $215.00.

Park National Dividend Announcement

The firm 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. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, August 21st. Park National’s payout ratio is 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.