BlackRock Inc. Acquires New Holdings in Park National Co. $PRK

Key Points

• BlackRock acquired 2.59 million shares of Park National during the second quarter, worth approximately $473.8 million and representing a 14.31% stake. Institutional investors collectively own 62.65% of the company.
• Park National shares opened at $203.46, near the upper end of their 12-month range, while analysts maintained 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%.

BlackRock Inc. acquired a new position in Park National Co. (NYSE:PRK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,589,288 shares of the company's stock, valued at approximately $473,814,000. BlackRock Inc. owned about 14.31% of Park National as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PRK. Bank of New York Mellon Corp acquired a new position in shares of Park National in the second quarter valued at approximately $23,652,000. Park National Corp OH lifted its holdings in Park National by 9.8% during the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after buying an additional 103,142 shares during the last quarter. State Street Corp boosted its holdings in Park National by 8.3% in the second 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 in the last quarter. Jane Street Group LLC boosted its holdings 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 valued at $7,622,000 after buying an additional 48,971 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Park National in the fourth quarter valued at $3,204,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Stock Up 0.7%

PRK opened at $203.46 on Tuesday. Park National Co. has a 12 month low of $149.06 and a 12 month high of $215.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The business has a 50-day moving average of $192.48 and a two-hundred day moving average of $177.10. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 21.85 and a beta of 0.69.

Park National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be paid 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 dividend payout ratio is 39.39%.

Analysts Set New Price Targets

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

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.

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