3,601 Shares in Park National Co. $PRK Purchased by Freestone Grove Partners LP

Freestone Grove Partners LP bought a new position in shares of Park National Co. (NYSE:PRK) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,601 shares of the company’s stock, valued at approximately $659,000.

Several other hedge funds have also added to or reduced their stakes in PRK. BlackRock Inc. bought a new position in shares of Park National in the 2nd quarter valued at about $473,814,000. Park National Corp OH grew its stake in Park National by 9.8% in the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock valued at $188,942,000 after acquiring an additional 103,142 shares during the period. State Street Corp grew its position in shares of Park National by 8.3% in the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after purchasing an additional 51,381 shares during the period. Dimensional Fund Advisors LP increased its stake in Park National by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock worth $84,570,000 after purchasing an additional 5,859 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Park National during the 2nd quarter worth approximately $23,652,000. Institutional investors own 62.65% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PRK. Piper Sandler lifted their price target on shares of Park National from $189.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. 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, Raymond James Financial initiated coverage on Park National in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Park National currently has an average rating of “Hold” and a consensus price target of $211.00.

Park National Stock Performance

Shares of Park National stock opened at $198.12 on Monday. Park National Co. has a 12-month low of $149.06 and a 12-month high of $215.00. The stock has a market cap of $3.58 billion, a P/E ratio of 21.28 and a beta of 0.69. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $194.32 and its 200-day moving average is $177.75.

Park National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be issued 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 presently 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.