Nuveen LLC Invests $5.97 Million in Park National Co. $PRK

Key Points

• Nuveen LLC has made a new investment in Park National Co. ($PRK), purchasing 39,447 shares valued at approximately $5.97 million, representing about 0.24% of the company's stock.
• Park National recently declared a quarterly dividend of $1.07 per share, translating to an annualized yield of 2.5%, with the ex-dividend date set for August 15th.
• The stock of Park National has a consensus rating of "Hold", with a price target increase from $167.00 to $170.00 following recent analyst reports.

Nuveen LLC acquired a new stake in Park National Co. (NYSE:PRK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 39,447 shares of the company's stock, valued at approximately $5,972,000. Nuveen LLC owned 0.24% of Park National at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PRK. GAMMA Investing LLC increased its position in shares of Park National by 199.3% during the first quarter. GAMMA Investing LLC now owns 449 shares of the company's stock worth $68,000 after acquiring an additional 299 shares during the last quarter. KBC Group NV increased its position in shares of Park National by 11.6% during the first quarter. KBC Group NV now owns 878 shares of the company's stock worth $133,000 after acquiring an additional 91 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Park National during the first quarter worth about $208,000. CoreCap Advisors LLC increased its position in shares of Park National by 801.4% during the fourth quarter. CoreCap Advisors LLC now owns 1,244 shares of the company's stock worth $213,000 after acquiring an additional 1,106 shares during the last quarter. Finally, Aquatic Capital Management LLC increased its position in shares of Park National by 63.6% during the fourth quarter. Aquatic Capital Management LLC now owns 1,309 shares of the company's stock worth $224,000 after acquiring an additional 509 shares during the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRK shares. Wall Street Zen lowered Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Raymond James Financial initiated coverage on Park National in a research note on Monday, July 21st. They issued a "market perform" rating for the company. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Park National currently has an average rating of "Hold" and a consensus target price of $177.75.

Park National Stock Performance

Shares of NYSE:PRK traded down $2.29 during trading on Friday, hitting $171.77. 40,791 shares of the company traded hands, compared to its average volume of 59,459. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 18.45 and a beta of 0.76. The business's fifty day moving average is $168.54 and its 200-day moving average is $161.35. Park National Co. has a one year low of $137.97 and a one year high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.28 annualized dividend and a dividend yield of 2.5%. Park National's dividend payout ratio is 41.59%.

Park National Profile

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in small and medium population areas. The company offers deposits for demand, savings, and time accounts; trust and wealth management services; cash management services; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service; credit cards; and various additional banking-related services.