Park National Co. $PRK Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Park National stake by 20.3% in the second quarter, owning 18,240 shares valued at approximately $3.34 million. Institutional investors collectively hold 62.65% of the company.
• Analysts maintain a generally neutral view, with four Hold ratings, a consensus “Hold” rating, and an average price target of $211.00.
• Park National shares recently traded at $186.46, while the company continued its quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 payout and a 2.4% yield.

California State Teachers Retirement System raised its position in shares of Park National Co. (NYSE:PRK - Free Report) by 20.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,240 shares of the company's stock after purchasing an additional 3,075 shares during the period. California State Teachers Retirement System owned 0.10% of Park National worth $3,337,738 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Park National in the 2nd quarter valued at $473,814,000. Deutsche Bank AG bought a new position in Park National during the second quarter valued at about $3,257,000. Legal & General Group Plc purchased a new position in Park National during the second quarter worth about $6,887,000. Gallagher Fiduciary Advisors LLC bought a new stake in Park National in the 2nd quarter worth $927,000. Finally, Canada Pension Plan Investment Board bought a new stake in Park National in the second quarter worth $1,299,000. Institutional investors own 62.65% of the company's stock.

Analyst Ratings Changes

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

Park National Price Performance

Shares of Park National stock traded down $1.12 on Tuesday, reaching $186.46. 39,554 shares of the stock were exchanged, compared to its average volume of 92,077. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. Park National Co. has a one year low of $149.06 and a one year high of $215.00. The firm's 50 day moving average is $196.17 and its 200-day moving average is $179.19. The firm has a market cap of $3.37 billion, a PE ratio of 20.03 and a beta of 0.67.

Park National Dividend Announcement

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

Park National Company 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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