7,100 Shares in Park National Co. $PRK Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 7,100 shares of Park National in the second quarter, valued at approximately $1.3 million. Institutional investors and hedge funds collectively own 62.65% of the company.
• Park National shares opened at $195.29, down 1.4%, with a market capitalization of $3.53 billion. The stock trades between a 12-month range of $149.06 and $215.00.
• The company declared a quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 payout and a 2.3% yield. Analysts maintain a consensus “Hold” rating with a $211 price target.

Canada Pension Plan Investment Board bought a new stake in shares of Park National Co. (NYSE:PRK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,100 shares of the company's stock, valued at approximately $1,299,000.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in Park National by 59.2% in the first quarter. Royal Bank of Canada now owns 3,085 shares of the company's stock worth $467,000 after purchasing an additional 1,147 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Park National by 27.6% during the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company's stock worth $619,000 after purchasing an additional 884 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Park National by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company's stock valued at $1,299,000 after purchasing an additional 384 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Park National by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company's stock valued at $4,712,000 after purchasing an additional 1,293 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Park National by 3,571.9% in the 1st quarter. Jane Street Group LLC now owns 50,342 shares of the company's stock worth $7,622,000 after purchasing an additional 48,971 shares in the last quarter. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Park National Stock Down 1.4%

NYSE:PRK opened at $195.29 on Tuesday. 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 Co. has a twelve month low of $149.06 and a twelve month high of $215.00. The company has a market cap of $3.53 billion, a PE ratio of 20.98 and a beta of 0.69. The company's 50 day moving average is $194.70 and its two-hundred day moving average is $177.90.

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 given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 21st. Park National's dividend payout ratio is presently 39.39%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRK. Raymond James Financial initiated coverage on Park National in a research note on Tuesday, July 7th. They set a "market perform" rating on the stock. Keefe, Bruyette & Woods increased their price target on Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Finally, 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. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $211.00.

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.

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