Victory Capital Management Inc. Increases Stock Position in Park National Co. (NYSE:PRK)

Victory Capital Management Inc. raised its stake in Park National Co. (NYSE:PRK - Free Report) by 44.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,788 shares of the company's stock after purchasing an additional 17,271 shares during the quarter. Victory Capital Management Inc. owned 0.35% of Park National worth $7,412,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Nisa Investment Advisors LLC raised its position in Park National by 60.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,609 shares of the company's stock valued at $214,000 after purchasing an additional 609 shares during the last quarter. FORVIS Wealth Advisors LLC purchased a new stake in shares of Park National in the 4th quarter worth about $238,000. Fruth Investment Management bought a new stake in shares of Park National during the 4th quarter valued at about $239,000. Sabal Trust CO purchased a new position in shares of Park National during the fourth quarter valued at about $266,000. Finally, Ballentine Partners LLC bought a new position in Park National in the fourth quarter worth about $267,000. Hedge funds and other institutional investors own 62.65% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Piper Sandler began coverage on Park National in a research report on Friday, February 23rd. They set a "neutral" rating and a $130.00 price objective on the stock. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $130.00 price target (up previously from $125.00) on shares of Park National in a research report on Wednesday, April 24th. Finally, StockNews.com downgraded Park National from a "hold" rating to a "sell" rating in a research note on Thursday, May 9th.

Park National Stock Performance

Shares of PRK stock traded up $2.68 during trading hours on Wednesday, reaching $141.93. The company had a trading volume of 48,822 shares, compared to its average volume of 44,103. The firm has a market cap of $2.29 billion, a PE ratio of 17.97 and a beta of 0.70. The business has a fifty day moving average price of $132.23 and a 200-day moving average price of $126.97. Park National Co. has a one year low of $90.28 and a one year high of $142.08. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.92 and a current ratio of 0.92.

Park National (NYSE:PRK - Get Free Report) last released its quarterly earnings results on Friday, April 19th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.30. Park National had a return on equity of 12.13% and a net margin of 22.03%. The firm had revenue of $121.82 million for the quarter, compared to analysts' expectations of $118.29 million. Sell-side analysts predict that Park National Co. will post 7.92 earnings per share for the current fiscal year.

Park National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a $1.06 dividend. This represents a $4.24 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, May 16th. Park National's payout ratio is 53.67%.

Park National Company 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.