Bank of America Corp DE Buys New Stake in Park National Co. $PRK

Key Points

• Bank of America purchased 54,198 Park National shares in the second quarter, valued at approximately $9.9 million and representing about 0.30% of the company. Institutional investors collectively own 62.65% of Park National.
• Analysts maintain a generally neutral outlook: all five covering analysts rate the stock “Hold” or “Market Perform,” with a consensus price target of $200.50.
• Park National shares opened at $181.68, while the company’s quarterly dividend remains $1.10 per share, equivalent to an annualized $4.40 payout and a 2.4% yield.

Bank of America Corp DE purchased a new position in shares of Park National Co. (NYSE:PRK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 54,198 shares of the company's stock, valued at approximately $9,918,000. Bank of America Corp DE owned about 0.30% of Park National as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Park National during the 2nd quarter worth about $473,814,000. Park National Corp OH lifted its holdings in Park National by 9.8% in the 1st 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 last quarter. Dimensional Fund Advisors LP lifted its holdings in Park National by 1.1% in 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 during the last quarter. Bank of New York Mellon Corp bought a new stake in Park National during the second quarter worth approximately $23,652,000. Finally, Principal Financial Group Inc. grew its holdings in Park National by 14.5% during the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company's stock valued at $12,763,000 after purchasing an additional 9,865 shares during the last quarter. Institutional investors own 62.65% of the company's stock.

Analyst Upgrades and Downgrades

PRK has been the topic of a number of recent analyst reports. Piper Sandler reissued a "neutral" rating on shares of Park National in a research report on Friday. Raymond James Financial began coverage on shares of Park National in a report on Tuesday, July 7th. They set a "market perform" rating for the company. National Bank Financial set a $190.00 target price on shares of Park National in a report on Friday. Keefe, Bruyette & Woods lifted their target price on shares of Park National from $180.00 to $205.00 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Finally, Hovde Group started coverage on shares of Park National in a research report on Friday. They set a "market perform" rating and a $190.00 target price for the company. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Park National presently has a consensus rating of "Hold" and an average target price of $200.50.

Park National Trading Up 0.8%

Shares of PRK stock opened at $181.68 on Friday. The firm has a market capitalization of $3.28 billion, a P/E ratio of 19.51 and a beta of 0.67. Park National Co. has a 1 year low of $149.06 and a 1 year high of $215.00. The firm's fifty day simple moving average is $195.63 and its 200 day simple moving average is $180.10. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 21st were given a $1.10 dividend. The ex-dividend date was Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. Park National's dividend payout ratio (DPR) is currently 39.39%.

Park National Profile

Park National Corporation is a bank holding company headquartered in Newark, Ohio. Through its principal subsidiary, Park National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, cash-management services, wealth management, trust services and investment products. Park National also provides insurance and other financial services through affiliated businesses.

Founded in 1908, Park National serves communities primarily across Ohio, with additional operations in neighboring markets.

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