Hamilton Capital LLC Acquires Shares of 5,620 Park National Co. $PRK

Key Points

• Hamilton Capital acquired 5,620 shares of Park National worth approximately $1.03 million, while institutional investors and hedge funds collectively own 62.65% of the stock. BlackRock also established a substantial new position valued at about $473.8 million.
• Analysts maintain a generally neutral view of Park National, with four Hold ratings, an average target price of $211, and recent target increases from Piper Sandler and Keefe, Bruyette & Woods.
• Park National shares recently opened at $198.05, down 0.7%, and the company declared a quarterly dividend of $1.10, equivalent to an annualized $4.40 payout and a 2.2% yield.

Hamilton Capital LLC acquired a new stake in Park National Co. (NYSE:PRK - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 5,620 shares of the company's stock, valued at approximately $1,028,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Park National during the 2nd quarter worth about $473,814,000. Dimensional Fund Advisors LP boosted its position in Park National by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company's stock valued at $84,570,000 after buying an additional 5,859 shares in the last quarter. Principal Financial Group Inc. boosted its position in Park National by 14.5% in the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company's stock valued at $12,763,000 after buying an additional 9,865 shares in the last quarter. UBS Group AG grew its stake in Park National by 15.7% during the fourth quarter. UBS Group AG now owns 64,583 shares of the company's stock worth $9,828,000 after buying an additional 8,777 shares during the last quarter. Finally, Park National Corp OH grew its stake in Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after buying an additional 103,142 shares during the last quarter. 62.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Park National Stock Down 0.7%

NYSE:PRK opened at $198.05 on Friday. The stock's fifty day moving average price is $193.89 and its two-hundred day moving average price is $177.60. Park National Co. has a 52-week low of $149.06 and a 52-week high of $215.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 21.27 and a beta of 0.69.

Park National Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.2%. Park National's dividend payout ratio (DPR) is currently 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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