Raymond James Financial Inc. Buys Shares of 21,427 Park National Co. (NYSE:PRK)

Raymond James Financial Inc. purchased a new position in shares of Park National Co. (NYSE:PRK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,427 shares of the company’s stock, valued at approximately $3,673,000.

Other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC boosted its holdings in shares of Park National by 162.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock valued at $31,000 after acquiring an additional 112 shares during the period. KBC Group NV lifted its position in Park National by 55.8% in the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock valued at $135,000 after purchasing an additional 282 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Park National during the 4th quarter valued at about $201,000. Colton Groome Financial Advisors LLC acquired a new position in Park National during the 4th quarter valued at about $236,000. Finally, Geneos Wealth Management Inc. bought a new position in Park National in the 4th quarter worth about $259,000. Institutional investors own 62.65% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PRK shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $178.00 target price (down previously from $187.00) on shares of Park National in a research note on Wednesday, January 29th. 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 price objective on the stock.

Park National Price Performance

NYSE PRK opened at $155.80 on Friday. Park National Co. has a 12 month low of $123.08 and a 12 month high of $207.99. The firm has a market capitalization of $2.52 billion, a PE ratio of 16.73 and a beta of 0.72. The company’s 50 day simple moving average is $163.50 and its 200 day simple moving average is $172.62. 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 company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.75%. 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%.

About Park National

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.