The Manufacturers Life Insurance Company Takes Position in Park National Co. $PRK

The Manufacturers Life Insurance Company acquired a new stake in Park National Co. (NYSE:PRK) in the second quarter, Holdings Channel.com reports. The fund acquired 8,586 shares of the company’s stock, valued at approximately $1,571,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Park National during the second quarter worth about $473,814,000. Bank of New York Mellon Corp purchased a new stake in shares of Park National in the 2nd quarter valued at approximately $23,652,000. Park National Corp OH grew its stake in shares of Park National by 9.8% in the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock valued at $188,942,000 after buying an additional 103,142 shares during the period. State Street Corp increased its holdings in shares of Park National by 8.3% during the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock worth $112,674,000 after buying an additional 51,381 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Park National by 3,571.9% during the 1st quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after buying an additional 48,971 shares during the last quarter. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Park National Trading Up 1.4%

NYSE PRK opened at $195.64 on Friday. The firm’s 50-day moving average is $195.46 and its two-hundred day moving average is $178.33. Park National Co. has a 12 month low of $149.06 and a 12 month high of $215.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The stock has a market capitalization of $3.53 billion, a P/E ratio of 21.01 and a beta of 0.67.

Park National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 21st. Park National’s payout ratio is 39.39%.

Analysts Set New Price Targets

PRK has been the topic of several analyst reports. Raymond James Financial initiated coverage on shares of Park National in a research report on Tuesday, July 7th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods increased their price objective on Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Finally, Piper Sandler raised their target price on Park National from $189.00 to $217.00 and gave the stock 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, Park National currently has a consensus rating of “Hold” and an average price target of $211.00.

About Park National

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.