Raymond James Financial Inc. Makes New $3.67 Million Investment in Park National Co. (NYSE:PRK)

Raymond James Financial Inc. purchased a new stake in Park National Co. (NYSE:PRK - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 21,427 shares of the company's stock, valued at approximately $3,673,000. Raymond James Financial Inc. owned approximately 0.13% of Park National as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PRK. Smartleaf Asset Management LLC increased its holdings in shares of Park National by 162.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 181 shares of the company's stock worth $31,000 after acquiring an additional 112 shares during the last quarter. Signaturefd LLC grew its stake in shares of Park National by 9.7% in the fourth quarter. Signaturefd LLC now owns 692 shares of the company's stock valued at $119,000 after acquiring an additional 61 shares in the last quarter. KBC Group NV increased its holdings in shares of Park National by 55.8% during the fourth quarter. KBC Group NV now owns 787 shares of the company's stock worth $135,000 after purchasing an additional 282 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Park National during the 4th quarter worth $201,000. Finally, Cibc World Markets Corp bought a new position in shares of Park National in the fourth quarter worth $231,000. 62.65% of the stock is owned by institutional investors.

Park National Stock Up 2.0 %

PRK stock traded up $3.10 during midday trading on Friday, reaching $157.38. 8,611 shares of the company's stock traded hands, compared to its average volume of 56,865. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 16.89 and a beta of 0.72. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. Park National Co. has a 52 week low of $131.93 and a 52 week high of $207.99. The firm's fifty day moving average price is $151.84 and its 200-day moving average price is $168.79.

Park National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 16th will be paid a $1.07 dividend. The ex-dividend date is Friday, May 16th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.72%. Park National's payout ratio is presently 43.94%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRK. Piper Sandler initiated coverage on shares of Park National in a research note on Thursday, February 20th. They issued a "neutral" rating and a $185.50 price objective on the stock. Keefe, Bruyette & Woods boosted their price target on Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a report on Wednesday.

Park National 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.