Edgestream Partners L.P. Sells 5,241 Shares of Park National Co. $PRK

Key Points

• Edgestream Partners reduced its Park National stake by 23.6% in the first quarter, selling 5,241 shares and retaining 16,932 shares valued at approximately $2.77 million. Institutional investors collectively own 62.65% of the company.
• Park National shares opened at $208.15, near their 52-week high of $214.10. The company declared a quarterly dividend of $1.10 per share, equivalent to a 2.1% yield and a 39.39% payout ratio.
• Analysts maintain a consensus “Hold” rating, with a consensus price target of $211.00; recent target increases range from $205 to $217.

Edgestream Partners L.P. decreased its holdings in shares of Park National Co. (NYSE:PRK - Free Report) by 23.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,932 shares of the company's stock after selling 5,241 shares during the quarter. Edgestream Partners L.P. owned 0.09% of Park National worth $2,768,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Park National by 629.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company's stock worth $29,000 after buying an additional 151 shares during the last quarter. Danske Bank A S lifted its holdings in shares of Park National by 100.0% during the 4th quarter. Danske Bank A S now owns 200 shares of the company's stock worth $30,000 after acquiring an additional 100 shares during the last quarter. Quarry LP grew its position in Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company's stock worth $37,000 after acquiring an additional 202 shares in the last quarter. Sarver Vrooman Wealth Advisors bought a new position in Park National in the fourth quarter valued at $46,000. Finally, Steigerwald Gordon & Koch Inc. bought a new position in Park National in the fourth quarter valued at $76,000. 62.65% of the stock is currently owned by institutional investors.

Park National Price Performance

PRK stock opened at $208.15 on Friday. 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 $214.10. The firm's fifty day moving average is $182.27 and its 200 day moving average is $172.24. The firm has a market cap of $3.77 billion, a P/E ratio of 22.36 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. Stockholders 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 dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 21st. Park National's dividend payout ratio (DPR) is 39.39%.

Wall Street Analyst Weigh In

PRK has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price target on Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research report on Thursday. Piper Sandler raised their price objective on Park National from $189.00 to $217.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, 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. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $211.00.

Park National 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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