Park National Co. $PRK Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Park National stake by 57.4% in the first quarter, selling 12,080 shares and retaining 8,973 shares valued at approximately $1.47 million. Institutional investors collectively own 62.65% of PRK.
• Analysts remain neutral on the stock: Park National has a consensus “Hold” rating and an average price target of $211, while Piper Sandler and Keefe, Bruyette & Woods raised their targets to $217 and $205, respectively.
• Park National shares opened at $208.15, near their 12-month high, and the company declared a quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 payout and a 2.1% yield.

Healthcare of Ontario Pension Plan Trust Fund lessened its stake in Park National Co. (NYSE:PRK - Free Report) by 57.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 8,973 shares of the company's stock after selling 12,080 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in Park National were worth $1,467,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of Park National by 59.2% during the first quarter. Royal Bank of Canada now owns 3,085 shares of the company's stock worth $467,000 after buying an additional 1,147 shares during the period. AQR Capital Management LLC raised its holdings in shares of Park National by 27.6% in the 1st quarter. AQR Capital Management LLC now owns 4,087 shares of the company's stock valued at $619,000 after buying an additional 884 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Park National by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company's stock valued at $1,299,000 after buying an additional 384 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Park National by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company's stock worth $4,712,000 after acquiring an additional 1,293 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in Park National by 3,571.9% during the 1st quarter. Jane Street Group LLC now owns 50,342 shares of the company's stock valued at $7,622,000 after acquiring an additional 48,971 shares during the period. Hedge funds and other institutional investors own 62.65% of the company's stock.

Analyst Upgrades and Downgrades

PRK has been the subject of several research reports. Piper Sandler lifted their target price on Park National from $189.00 to $217.00 and gave the company a "neutral" rating in a research report on Wednesday. Raymond James Financial initiated coverage on shares of Park National in a research report on Tuesday, July 7th. They set a "market perform" rating on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research note on Thursday. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Park National has a consensus rating of "Hold" and an average price target of $211.00.

Park National Stock Up 0.5%

Shares of NYSE PRK opened at $208.15 on Friday. The stock has a market cap of $3.77 billion, a P/E ratio of 22.36 and a beta of 0.69. The business's fifty day simple moving average is $182.27 and its 200-day simple moving average is $172.24. Park National Co. has a 12-month low of $149.06 and a 12-month high of $214.10. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Park National's dividend payout ratio (DPR) is currently 39.39%.

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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