Legal & General Group Plc Makes New $6.89 Million Investment in Park National Co. $PRK

Key Points

• Legal & General Group Plc acquired 37,638 Park National shares worth approximately $6.89 million, representing a 0.21% stake. Institutional investors collectively own 62.65% of the company.
• Park National shares opened at $192.95, with a market capitalization of $3.49 billion and a price-to-earnings ratio of 20.73. The stock has traded between $149.06 and $215.00 over the past year.
• The company declared a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $211.00.

Legal & General Group Plc bought a new position in Park National Co. (NYSE:PRK - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 37,638 shares of the company's stock, valued at approximately $6,887,000. Legal & General Group Plc owned 0.21% of Park National as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Park National during the 2nd quarter valued at $473,814,000. Deutsche Bank AG acquired a new stake in Park National during the second quarter valued at $3,257,000. Dimensional Fund Advisors LP grew its stake 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 purchasing an additional 5,859 shares in the last quarter. Principal Financial Group Inc. grew its stake 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 purchasing an additional 9,865 shares in the last quarter. Finally, UBS Group AG increased its position in Park National by 15.7% in the 4th quarter. UBS Group AG now owns 64,583 shares of the company's stock worth $9,828,000 after purchasing an additional 8,777 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company's stock.

Park National Stock Performance

Shares of NYSE PRK opened at $192.95 on Thursday. The business's 50-day simple moving average is $195.18 and its 200-day simple moving average is $178.18. 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 market cap of $3.49 billion, a price-to-earnings ratio of 20.73 and a beta of 0.67.

Park National Dividend Announcement

The company 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 dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 21st. Park National's dividend payout ratio is currently 39.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Piper Sandler lifted their price target on Park National from $189.00 to $217.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods boosted 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 report on Thursday, July 30th. Finally, Raymond James Financial started coverage on shares of Park National in a research note on Tuesday, July 7th. They set a "market perform" rating on the stock. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average 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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