Legal & General Group Plc Invests $6.89 Million in Park National Co. $PRK

Legal & General Group Plc acquired a new stake in Park National Co. (NYSE:PRK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 37,638 shares of the company’s stock, valued at approximately $6,887,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in Park National in the 2nd quarter valued at $473,814,000. Park National Corp OH boosted its stake in Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock worth $188,942,000 after buying an additional 103,142 shares in the last quarter. State Street Corp increased its stake in Park National by 8.3% in the second 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. Dimensional Fund Advisors LP grew its stake in shares of Park National by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock valued at $84,570,000 after purchasing an additional 5,859 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Park National in the second quarter valued at $23,652,000. Institutional investors own 62.65% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Raymond James Financial initiated coverage on Park National in a research report on Tuesday, July 7th. They issued a “market perform” rating for the company. Finally, Piper Sandler increased their price target on shares of Park National from $189.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $211.00.

Park National Price Performance

Shares of PRK opened at $192.95 on Thursday. The stock has a market cap of $3.49 billion, a P/E ratio of 20.73 and a beta of 0.67. Park National Co. has a 1 year low of $149.06 and a 1 year high of $215.00. The stock’s 50-day moving average price is $195.18 and its two-hundred day moving average price is $178.18. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be paid a $1.10 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Park National’s payout ratio is presently 39.39%.

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.