KLP Kapitalforvaltning AS Purchases New Shares in Park National Co. (NYSE:PRK)

KLP Kapitalforvaltning AS bought a new position in shares of Park National Co. (NYSE:PRK - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,400 shares of the company's stock, valued at approximately $583,000.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Park National by 0.5% during the third quarter. State Street Corp now owns 632,567 shares of the company's stock worth $106,259,000 after acquiring an additional 3,318 shares during the period. Geode Capital Management LLC increased its holdings in Park National by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 334,188 shares of the company's stock worth $56,148,000 after purchasing an additional 3,165 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Park National by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company's stock worth $30,164,000 after purchasing an additional 2,119 shares during the period. Principal Financial Group Inc. raised its position in Park National by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 70,523 shares of the company's stock valued at $12,090,000 after purchasing an additional 2,007 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Park National by 10.7% in the 4th quarter. American Century Companies Inc. now owns 37,027 shares of the company's stock valued at $6,348,000 after buying an additional 3,564 shares during the period. 62.65% of the stock is currently owned by institutional investors and hedge funds.

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Park National Stock Up 0.1 %

Shares of PRK traded up $0.21 during mid-day trading on Monday, reaching $142.92. The company's stock had a trading volume of 76,645 shares, compared to its average volume of 56,062. The company's 50 day moving average is $160.68 and its 200 day moving average is $171.56. The stock has a market cap of $2.31 billion, a PE ratio of 15.35 and a beta of 0.72. Park National Co. has a 12-month low of $123.08 and a 12-month high of $207.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95.

Park National Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Park National's previous quarterly dividend of $1.06. Park National's payout ratio is currently 45.97%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PRK. Piper Sandler started coverage on shares of Park National in a research note on Thursday, February 20th. They set a "neutral" rating and a $185.50 target price on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $178.00 price objective (down from $187.00) on shares of Park National in a report on Wednesday, January 29th.

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.