JPMorgan Chase & Co. Acquires 52,268 Shares of Park National Co. (NYSE:PRK)

JPMorgan Chase & Co. increased its holdings in Park National Co. (NYSE:PRK) by 427.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,482 shares of the company’s stock after acquiring an additional 52,268 shares during the period. JPMorgan Chase & Co. owned about 0.40% of Park National worth $11,054,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PRK. Vanguard Group Inc. lifted its stake in Park National by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 1,701,587 shares of the company’s stock valued at $291,703,000 after acquiring an additional 6,432 shares in the last quarter. State Street Corp grew its stake in Park National by 0.5% in the 3rd quarter. State Street Corp now owns 632,567 shares of the company’s stock valued at $106,259,000 after purchasing an additional 3,318 shares during the period. Geode Capital Management LLC increased its position in shares of Park National by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 334,188 shares of the company’s stock valued at $56,148,000 after purchasing an additional 3,165 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Park National by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 70,523 shares of the company’s stock worth $12,090,000 after buying an additional 2,007 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Park National by 10.7% during the 4th quarter. American Century Companies Inc. now owns 37,027 shares of the company’s stock valued at $6,348,000 after acquiring an additional 3,564 shares during the period. Institutional investors own 62.65% of the company’s stock.

Analysts Set New Price Targets

PRK has been the subject of several recent research reports. Piper Sandler started coverage on Park National in a report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price objective for the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $178.00 price target (down from $187.00) on shares of Park National in a research note on Wednesday, January 29th.

Park National Price Performance

Shares of NYSE PRK opened at $142.42 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. Park National Co. has a fifty-two week low of $123.31 and a fifty-two week high of $207.99. The stock has a market cap of $2.30 billion, a PE ratio of 15.30 and a beta of 0.72. The stock has a fifty day moving average of $157.28 and a 200-day moving average of $170.42.

Park National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is presently 45.97%.

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.