Park National Co. (NYSE:PRK) Stake Boosted by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Park National Co. by 27.3%, owning approximately 0.28% of the company, valued at $6,980,000.
• Park National announced a quarterly dividend of $1.07, which equates to an annualized dividend of $4.28, providing a yield of 2.6%.
• Wall Street analysts have mixed ratings on Park National, with target prices set between $167.00 and $170.00 and some analysts changing ratings to "sell."

Public Sector Pension Investment Board grew its stake in shares of Park National Co. (NYSE:PRK - Free Report) by 27.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,104 shares of the company's stock after purchasing an additional 9,900 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.28% of Park National worth $6,980,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Summit Investment Advisors Inc. grew its holdings in shares of Park National by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,507 shares of the company's stock valued at $258,000 after purchasing an additional 82 shares during the last quarter. KBC Group NV grew its holdings in shares of Park National by 11.6% during the first quarter. KBC Group NV now owns 878 shares of the company's stock valued at $133,000 after purchasing an additional 91 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Park National by 5.6% during the fourth quarter. Bank of Montreal Can now owns 2,437 shares of the company's stock valued at $418,000 after purchasing an additional 130 shares during the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Park National by 10.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,486 shares of the company's stock valued at $225,000 after purchasing an additional 135 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of Park National by 3.2% during the first quarter. Illinois Municipal Retirement Fund now owns 8,004 shares of the company's stock valued at $1,212,000 after purchasing an additional 245 shares during the last quarter. 62.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PRK shares. Keefe, Bruyette & Woods upped their target price on Park National from $167.00 to $170.00 and gave the company a "market perform" rating in a report on Wednesday, April 30th. Raymond James Financial assumed coverage on Park National in a report on Monday, July 21st. They issued a "market perform" rating for the company. Finally, Wall Street Zen lowered Park National from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st.

Park National Stock Performance

Shares of PRK stock opened at $165.98 on Friday. Park National Co. has a 12-month low of $137.97 and a 12-month high of $207.99. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 17.83 and a beta of 0.76. The business has a 50 day simple moving average of $166.79 and a 200 day simple moving average of $161.35. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Park National's dividend payout ratio is 41.59%.

About Park National

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.

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