Bank of New York Mellon Corp Purchases New Position in Park National Co. $PRK

Key Points

• Bank of New York Mellon purchased 129,254 Park National shares worth approximately $23.7 million, acquiring a 0.71% stake. Institutional investors and hedge funds collectively own 62.65% of the company.
• Park National shares opened at $198.12, with a market capitalization of $3.58 billion and a 52-week range of $149.06 to $215.00. Analysts maintain a consensus “Hold” rating with an average price target of $211.
• The company declared a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.2% yield, with a payout ratio of 39.39%.

Bank of New York Mellon Corp purchased a new stake in Park National Co. (NYSE:PRK - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 129,254 shares of the company's stock, valued at approximately $23,652,000. Bank of New York Mellon Corp owned 0.71% of Park National as of its most recent SEC filing.

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

Park National Price Performance

Park National stock opened at $198.12 on Monday. The stock's 50 day moving average is $194.32 and its 200 day moving average is $177.75. Park National Co. has a one year low of $149.06 and a one year high of $215.00. The firm 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 debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95.

Park National Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 21st. Park National's dividend payout ratio is 39.39%.

Analysts Set New Price Targets

A number of brokerages recently commented on PRK. Keefe, Bruyette & Woods raised their price target on Park National from $180.00 to $205.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Piper Sandler boosted 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 note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Park National has a consensus rating of "Hold" and an average 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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