Wells Fargo & Company MN Purchases 1,570 Shares of Park National Co. (NYSE:PRK)

Wells Fargo & Company MN lifted its position in shares of Park National Co. (NYSE:PRK) by 8.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,575 shares of the company’s stock after purchasing an additional 1,570 shares during the period. Wells Fargo & Company MN owned 0.12% of Park National worth $3,356,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRK. Smartleaf Asset Management LLC increased its position in Park National by 162.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock worth $31,000 after buying an additional 112 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Park National by 9.7% during the 4th quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after acquiring an additional 61 shares during the period. KBC Group NV increased its holdings in shares of Park National by 55.8% during the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after acquiring an additional 282 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Park National in the 4th quarter valued at $201,000. Finally, Cibc World Markets Corp acquired a new stake in Park National during the 4th quarter valued at $231,000. 62.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Park National Stock Performance

NYSE:PRK opened at $146.39 on Wednesday. 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 stock has a 50 day simple moving average of $154.08 and a 200 day simple moving average of $169.58. Park National Co. has a 1-year low of $131.71 and a 1-year high of $207.99. The stock has a market cap of $2.37 billion, a P/E ratio of 15.72 and a beta of 0.72.

Park National Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Friday, February 14th. This is a boost from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is presently 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.