Jefferies Financial Group Inc. Cuts Position in Park National Co. $PRK

Jefferies Financial Group Inc. trimmed its position in shares of Park National Co. (NYSE:PRK) by 40.0% during the third quarter, Holdings Channel reports. The firm owned 5,400 shares of the company’s stock after selling 3,600 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Park National were worth $878,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. First Trust Advisors LP grew its stake in shares of Park National by 22.3% in the third quarter. First Trust Advisors LP now owns 22,900 shares of the company’s stock valued at $3,722,000 after buying an additional 4,176 shares in the last quarter. Kennondale Capital Management LLC lifted its stake in Park National by 42.7% during the 3rd quarter. Kennondale Capital Management LLC now owns 4,108 shares of the company’s stock worth $668,000 after acquiring an additional 1,230 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in Park National by 33.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 11,089 shares of the company’s stock valued at $1,802,000 after acquiring an additional 2,760 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Park National by 4.7% in the third quarter. JPMorgan Chase & Co. now owns 46,045 shares of the company’s stock valued at $7,484,000 after purchasing an additional 2,058 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Park National by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 55,782 shares of the company’s stock valued at $9,066,000 after buying an additional 6,074 shares during the period. 62.65% of the stock is owned by institutional investors and hedge funds.

Park National Stock Up 0.4%

Shares of NYSE:PRK opened at $157.78 on Friday. Park National Co. has a fifty-two week low of $137.97 and a fifty-two week high of $179.48. The firm’s 50 day moving average price is $165.34 and its 200 day moving average price is $162.33. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 16.95 and a beta of 0.72.

Park National Cuts Dividend

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRK. Zacks Research raised Park National from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 4th. Piper Sandler lifted their target price on Park National from $176.00 to $183.00 and gave the company a “neutral” rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Park National currently has a consensus rating of “Moderate Buy” and an average price target of $181.50.

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.