Northern Trust Corp Acquires 7,505 Shares of Park National Co. (NYSE:PRK)

Northern Trust Corp lifted its holdings in shares of Park National Co. (NYSE:PRK) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 182,808 shares of the company’s stock after acquiring an additional 7,505 shares during the period. Northern Trust Corp owned approximately 1.13% of Park National worth $31,339,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Signaturefd LLC raised its stake in shares of Park National by 9.7% in the fourth quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after purchasing an additional 61 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Park National by 5.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,507 shares of the company’s stock valued at $258,000 after acquiring an additional 82 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Park National by 162.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock worth $31,000 after acquiring an additional 112 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Park National by 5.6% in the 4th quarter. Bank of Montreal Can now owns 2,437 shares of the company’s stock worth $418,000 after acquiring an additional 130 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Park National by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 3,606 shares of the company’s stock valued at $618,000 after purchasing an additional 180 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Analyst Ratings Changes

PRK has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on Park National from $167.00 to $170.00 and gave the company a “market perform” rating in a report on Wednesday, April 30th. Piper Sandler assumed coverage on Park National in a research note on Thursday, February 20th. They set a “neutral” rating and a $185.50 target price on the stock.

Park National Stock Up 1.1 %

NYSE:PRK opened at $162.89 on Friday. Park National Co. has a 1-year low of $131.93 and a 1-year high of $207.99. 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 firm’s 50-day moving average price is $151.43 and its 200-day moving average price is $168.18. The company has a market capitalization of $2.64 billion, a PE ratio of 17.50 and a beta of 0.79.

Park National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 16th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, May 16th. Park National’s payout ratio is 43.94%.

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.