Corient Private Wealth LP Makes New $3.40 Million Investment in Park National Co. $PRK

Key Points

• Corient Private Wealth LP acquired 18,572 Park National shares worth approximately $3.40 million during the second quarter, giving it a 0.10% stake. Institutional investors collectively own 62.65% of the company.
• Analysts maintain a generally neutral outlook: four analysts rate Park National “Hold,” with an average price target of $211, compared with shares recently trading around $191.41.
• Park National declared a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.3% yield; the dividend is scheduled for payment on September 10 to shareholders of record August 21.

Corient Private Wealth LP purchased a new stake in Park National Co. (NYSE:PRK - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 18,572 shares of the company's stock, valued at approximately $3,398,000. Corient Private Wealth LP owned approximately 0.10% of Park National at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB increased its position in Park National by 253.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock worth $28,000 after purchasing an additional 109 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Park National by 629.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company's stock valued at $29,000 after purchasing an additional 151 shares during the last quarter. Danske Bank A S boosted its position in Park National by 100.0% in the fourth quarter. Danske Bank A S now owns 200 shares of the company's stock valued at $30,000 after buying an additional 100 shares in the last quarter. Quarry LP boosted its position in Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company's stock valued at $37,000 after buying an additional 202 shares in the last quarter. Finally, Sarver Vrooman Wealth Advisors bought a new stake in shares of Park National during the fourth quarter worth $46,000. 62.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Park National Trading Down 2.0%

Shares of NYSE PRK opened at $191.41 on Wednesday. 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 52-week low of $149.06 and a 52-week high of $215.00. The firm has a 50 day moving average price of $194.94 and a two-hundred day moving average price of $178.04. The stock has a market cap of $3.46 billion, a P/E ratio of 20.56 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. Investors of record on Friday, August 21st will be issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, August 21st. Park National's dividend payout ratio is presently 39.39%.

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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