The Manufacturers Life Insurance Company Takes Position in Park National Co. $PRK

Key Points

• The Manufacturers Life Insurance Company established a new Park National position, purchasing 8,586 shares valued at approximately $1.57 million. Institutional investors collectively own 62.65% of PRK.
• Analysts remain broadly neutral, with four Hold ratings and a consensus price target of $211. Piper Sandler and Keefe, Bruyette & Woods recently raised their targets to $217 and $205, respectively.
• Park National announced a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.2% yield. The stock recently traded at $195.64, near its 12-month high of $215.

The Manufacturers Life Insurance Company bought a new position in shares of Park National Co. (NYSE:PRK - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,586 shares of the company's stock, valued at approximately $1,571,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRK. MassMutual Private Wealth & Trust FSB grew its stake in Park National by 253.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock valued at $28,000 after acquiring an additional 109 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Park National by 629.2% in the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company's stock valued at $29,000 after purchasing an additional 151 shares during the period. Danske Bank A S grew its position in shares of Park National by 100.0% in the fourth quarter. Danske Bank A S now owns 200 shares of the company's stock valued at $30,000 after purchasing an additional 100 shares during the period. Quarry LP increased its stake in shares of Park National by 878.3% during the third quarter. Quarry LP now owns 225 shares of the company's stock worth $37,000 after purchasing an additional 202 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Park National by 156.9% during the second quarter. Versant Capital Management Inc now owns 262 shares of the company's stock worth $48,000 after purchasing an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 62.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PRK shares. Raymond James Financial started coverage on shares of Park National in a research note on Tuesday, July 7th. They issued a "market perform" rating on the stock. Piper Sandler increased their target price on Park National from $189.00 to $217.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised their target price on Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, Park National has a consensus rating of "Hold" and a consensus target price of $211.00.

Park National Stock Performance

PRK opened at $195.64 on Friday. Park National Co. has a twelve month low of $149.06 and a twelve month high of $215.00. The firm has a market capitalization of $3.53 billion, a PE ratio of 21.01 and a beta of 0.67. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average price is $195.46 and its 200 day moving average price is $178.33.

Park National Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be given a dividend of $1.10 per share. The ex-dividend date is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. Park National's dividend payout ratio (DPR) is presently 39.39%.

Park National 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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