Cibc World Markets Corp Invests $231,000 in Park National Co. (NYSE:PRK)

Cibc World Markets Corp acquired a new stake in shares of Park National Co. (NYSE:PRK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,347 shares of the company’s stock, valued at approximately $231,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in shares of Park National by 1.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 8,082 shares of the company’s stock valued at $1,358,000 after purchasing an additional 116 shares during the period. Intech Investment Management LLC acquired a new position in Park National during the third quarter worth about $351,000. Charles Schwab Investment Management Inc. grew its holdings in Park National by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock worth $30,164,000 after acquiring an additional 2,119 shares during the period. Citigroup Inc. raised its position in Park National by 30.6% in the third quarter. Citigroup Inc. now owns 23,113 shares of the company’s stock worth $3,883,000 after acquiring an additional 5,416 shares in the last quarter. Finally, Advantage Alpha Capital Partners LP boosted its position in shares of Park National by 9.0% during the 3rd quarter. Advantage Alpha Capital Partners LP now owns 3,016 shares of the company’s stock valued at $507,000 after purchasing an additional 249 shares in the last quarter. Institutional investors own 62.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Piper Sandler began coverage on shares of Park National in a report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 target price on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $178.00 price objective (down previously from $187.00) on shares of Park National in a research report on Wednesday, January 29th.

Park National Price Performance

PRK stock opened at $155.26 on Thursday. Park National Co. has a one year low of $123.08 and a one year high of $207.99. The firm has a 50-day moving average of $163.78 and a two-hundred day moving average of $172.74. The firm has a market capitalization of $2.51 billion, a PE ratio of 16.68 and a beta of 0.72. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.76%. This is a boost from Park National’s previous quarterly dividend of $1.06. The ex-dividend date of this dividend was Friday, February 14th. Park National’s payout ratio is presently 45.97%.

Park National Company Profile

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.