Corient Private Wealth LLC Cuts Stock Position in Park National Co. $PRK

Corient Private Wealth LLC cut its holdings in shares of Park National Co. (NYSE:PRK) by 42.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,944 shares of the company’s stock after selling 5,069 shares during the period. Corient Private Wealth LLC’s holdings in Park National were worth $1,057,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PRK. Royal Bank of Canada increased its position in shares of Park National by 59.2% in the 1st quarter. Royal Bank of Canada now owns 3,085 shares of the company’s stock valued at $467,000 after acquiring an additional 1,147 shares during the period. AQR Capital Management LLC grew its holdings in Park National by 27.6% in the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company’s stock valued at $619,000 after purchasing an additional 884 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Park National by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company’s stock valued at $1,299,000 after acquiring an additional 384 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Park National by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company’s stock worth $4,712,000 after purchasing an additional 1,293 shares during the last quarter. Finally, Jane Street Group LLC lifted its position 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 valued at $7,622,000 after acquiring an additional 48,971 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Park National Trading Down 0.4%

Shares of NYSE:PRK opened at $186.42 on Friday. Park National Co. has a 52 week low of $149.06 and a 52 week high of $188.04. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.37 billion, a PE ratio of 20.02 and a beta of 0.70. The company’s 50 day moving average is $173.90 and its two-hundred day moving average is $167.56.

Park National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were given a $1.10 dividend. The ex-dividend date was Friday, May 15th. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. Park National’s dividend payout ratio (DPR) is presently 40.33%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PRK shares. Piper Sandler raised their price target on shares of Park National from $188.00 to $189.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Zacks Research lowered Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $184.50.

Park National Company 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.