Deutsche Bank AG Purchases Shares of 17,800 Park National Co. $PRK

Key Points

• Deutsche Bank purchased 17,800 shares of Park National worth approximately $3.26 million, while other institutions also increased or initiated positions. Institutional investors now own 62.65% of the company.
• Park National shares opened at $199.54, near the midpoint of their 52-week range, with a $3.60 billion market capitalization. The company declared a quarterly dividend of $1.10 per share, representing a 2.2% yield.
• Analysts maintain a generally neutral view, with a consensus “Hold” rating and a $211 price target; individual targets range from $205 to $217.

Deutsche Bank AG purchased a new position in shares of Park National Co. (NYSE:PRK - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,800 shares of the company's stock, valued at approximately $3,257,000. Deutsche Bank AG owned about 0.10% of Park National at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRK. Bank of New York Mellon Corp acquired a new stake in Park National during the 2nd quarter worth approximately $23,652,000. MassMutual Private Wealth & Trust FSB lifted its position in Park National by 253.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock valued at $28,000 after buying an additional 109 shares in the last quarter. Versant Capital Management Inc lifted its position in Park National by 156.9% during the second quarter. Versant Capital Management Inc now owns 262 shares of the company's stock valued at $48,000 after buying an additional 160 shares in the last quarter. Bank of America Corp DE grew its stake in Park National by 4.0% during the first quarter. Bank of America Corp DE now owns 56,115 shares of the company's stock worth $9,172,000 after buying an additional 2,161 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Park National by 28.9% in the first quarter. Janus Henderson Group PLC now owns 8,028 shares of the company's stock worth $1,314,000 after acquiring an additional 1,800 shares in the last quarter. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Price Performance

PRK opened at $199.54 on Thursday. Park National Co. has a twelve month low of $149.06 and a twelve month high of $215.00. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 21.43 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a fifty day simple moving average of $193.46 and a 200 day simple moving average of $177.45.

Park National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be issued a dividend of $1.10 per share. The ex-dividend date is Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.2%. Park National's payout ratio is currently 39.39%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PRK. Raymond James Financial started coverage on shares of Park National in a report on Tuesday, July 7th. They set a "market perform" rating on the stock. Keefe, Bruyette & Woods raised their price objective on Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Finally, Piper Sandler upped their target price on Park National from $189.00 to $217.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Four equities 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 a consensus target price of $211.00.

Park National Company 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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