California State Teachers Retirement System Buys 3,322,573 Shares of Park National Co. $PRK

Key Points

• California State Teachers Retirement System dramatically increased its Park National stake by purchasing 3.32 million shares in the second quarter, bringing its ownership to 18.48%, valued at approximately $610.8 million.
• Analysts remain cautious on Park National, with all four ratings at “Hold” and a consensus price target of $211, versus the stock’s recent opening price of $187.58.
• Park National recently paid a quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 dividend and a 2.3% yield; institutional investors collectively own 62.65% of the company.

California State Teachers Retirement System lifted its position in Park National Co. (NYSE:PRK - Free Report) by 21,909.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,337,738 shares of the company's stock after buying an additional 3,322,573 shares during the quarter. California State Teachers Retirement System owned about 18.48% of Park National worth $610,773,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of PRK. Nykredit A S bought a new position in shares of Park National in the second quarter worth about $190,000. Susquehanna Fundamental Investments LLC increased its position in Park National by 8.2% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 9,199 shares of the company's stock worth $1,683,000 after buying an additional 700 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Park National by 102.2% during the second quarter. Hsbc Holdings PLC now owns 5,073 shares of the company's stock worth $918,000 after buying an additional 2,564 shares during the last quarter. Kingsview Wealth Management LLC acquired a new position in shares of Park National during the second quarter worth approximately $373,000. Finally, Hamilton Capital LLC bought a new stake in shares of Park National in the second quarter valued at approximately $1,028,000. 62.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PRK shares. Keefe, Bruyette & Woods boosted their target price on shares of 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 increased their price target 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. Finally, Raymond James Financial began coverage on shares of Park National in a research report on Tuesday, July 7th. They issued a "market perform" rating on the stock. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Park National presently has an average rating of "Hold" and a consensus price target of $211.00.

Park National Trading Up 0.1%

Shares of Park National stock opened at $187.58 on Tuesday. The firm has a market capitalization of $3.39 billion, a PE ratio of 20.15 and a beta of 0.67. 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 company's fifty day moving average price is $196.17 and its two-hundred day moving average price is $179.19. Park National Co. has a 52-week low of $149.06 and a 52-week high of $215.00.

Park National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 21st were paid a $1.10 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.3%. Park National's payout ratio is currently 39.39%.

About Park National

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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