Park National Co. $PRK Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Park National by 14.5% in the first quarter, buying 9,865 more shares and bringing its holdings to 78,087 shares worth about $12.8 million.
• Other major institutional investors also added to PRK, and overall institutional ownership stands at 62.65%, showing strong hedge fund and fund interest in the stock.
• Park National shares were trading near their 52-week high at $188.58, while analysts currently have a consensus Hold rating with an average price target of $184.50.

Principal Financial Group Inc. increased its holdings in Park National Co. (NYSE:PRK - Free Report) by 14.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,087 shares of the company's stock after buying an additional 9,865 shares during the quarter. Principal Financial Group Inc. owned about 0.43% of Park National worth $12,763,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PRK. Park National Corp OH boosted its position in Park National by 9.8% during the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after acquiring an additional 103,142 shares during the period. State Street Corp grew its stake in shares of Park National by 8.3% in the second quarter. State Street Corp now owns 673,645 shares of the company's stock worth $112,674,000 after purchasing an additional 51,381 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company's stock worth $7,622,000 after purchasing an additional 48,971 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Park National during the fourth quarter valued at $3,204,000. Finally, Tudor Investment Corp ET AL increased its holdings in shares of Park National by 52.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 49,267 shares of the company's stock valued at $7,497,000 after purchasing an additional 16,982 shares during the period. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Park National Stock Up 2.0%

Shares of PRK stock opened at $188.58 on Friday. Park National Co. has a 1 year low of $149.06 and a 1 year high of $192.77. 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 business's fifty day moving average is $178.62 and its 200-day moving average is $170.55. The stock has a market cap of $3.41 billion, a PE ratio of 20.26 and a beta of 0.69.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Zacks Research downgraded shares of Park National from a "strong-buy" rating to a "hold" rating in a report on Friday, April 3rd. Piper Sandler raised their target price on shares of Park National from $188.00 to $189.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Finally, Raymond James Financial began coverage on shares of Park National in a research 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, the company has an average rating of "Hold" and an average target price of $184.50.

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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