Cypress Wealth Services LLC Takes $799,000 Position in Park National Co. $PRK

Cypress Wealth Services LLC acquired a new position in Park National Co. (NYSE:PRK) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,250 shares of the company’s stock, valued at approximately $799,000.

Other hedge funds have also bought and sold shares of the company. State Street Corp raised its holdings in Park National by 8.3% during the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after acquiring an additional 51,381 shares during the period. Jane Street Group LLC boosted its holdings in shares of Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after acquiring an additional 48,971 shares during the period. JPMorgan Chase & Co. grew its position in shares of Park National by 58.4% in the second quarter. JPMorgan Chase & Co. now owns 43,987 shares of the company’s stock valued at $7,357,000 after purchasing an additional 16,211 shares in the last quarter. Tudor Investment Corp ET AL raised its stake in shares of Park National by 51.2% during the 3rd quarter. Tudor Investment Corp ET AL now owns 32,285 shares of the company’s stock valued at $5,247,000 after purchasing an additional 10,935 shares during the period. Finally, Millennium Management LLC purchased a new stake in Park National during the 3rd quarter worth about $1,501,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRK. Piper Sandler raised their target price on Park National from $176.00 to $183.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 3rd. Zacks Research upgraded Park National from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $181.50.

Park National Price Performance

NYSE:PRK opened at $158.83 on Friday. Park National Co. has a 52-week low of $137.97 and a 52-week high of $179.48. The stock has a fifty day moving average of $165.15 and a 200 day moving average of $161.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 17.06 and a beta of 0.72.

Park National Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Friday, February 20th were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $4.40 annualized dividend and a dividend yield of 2.8%. Park National’s payout ratio is presently 39.57%.

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.