Gallagher Fiduciary Advisors LLC Makes New $927,000 Investment in Park National Co. $PRK

Key Points

• Gallagher Fiduciary Advisors initiated a roughly $927,000 position in Park National during the second quarter, while other institutions also added shares. Institutional investors and hedge funds collectively own 62.65% of the stock.
• Park National shares opened at $199.89, near their 52-week high, with a market capitalization of $3.61 billion and a P/E ratio of 21.47.
• The company declared a quarterly dividend of $1.10 per share, equivalent to a 2.2% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $211.

Gallagher Fiduciary Advisors LLC 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 firm purchased 5,065 shares of the company's stock, valued at approximately $927,000.

A number of other institutional investors have also modified their holdings of the company. Jupiter Topco LLC purchased a new stake in shares of Park National in the 2nd quarter valued at $1,470,000. Hsbc Holdings PLC purchased a new position in Park National during the 2nd quarter valued at about $918,000. Ancora Advisors LLC acquired a new position in Park National in the 2nd quarter valued at about $55,000. Canada Pension Plan Investment Board acquired a new position in Park National in the 2nd quarter valued at about $1,299,000. Finally, Legal & General Group Plc purchased a new stake in Park National during the second quarter worth about $6,887,000. 62.65% of the stock is owned by institutional investors and hedge funds.

Park National Price Performance

Shares of NYSE PRK opened at $199.89 on Wednesday. The stock's 50-day moving average is $192.94 and its two-hundred day moving average is $177.28. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. Park National Co. has a 1-year low of $149.06 and a 1-year high of $215.00. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 21.47 and a beta of 0.69.

Park National Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors 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 2.2%. The ex-dividend date is Friday, August 21st. Park National's dividend payout ratio is presently 39.39%.

Analyst Ratings Changes

PRK has been the topic of several research reports. Piper Sandler increased their price target on shares of Park National from $189.00 to $217.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods upped 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 note on Thursday, July 30th. Finally, Raymond James Financial initiated coverage on shares of Park National in a report on Tuesday, July 7th. They set a "market perform" rating on the stock. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently 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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