Raymond James Financial Inc. Buys Shares of 21,427 Park National Co. (NYSE:PRK)

Raymond James Financial Inc. purchased a new position in shares of Park National Co. (NYSE:PRK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,427 shares of the company’s stock, valued at approximately $3,673,000. Raymond James Financial Inc. owned about 0.13% of Park National at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Smartleaf Asset Management LLC lifted its stake in shares of Park National by 162.3% in 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 period. KBC Group NV raised its holdings in Park National by 55.8% during the fourth quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after purchasing an additional 282 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Park National during the fourth quarter worth about $201,000. Colton Groome Financial Advisors LLC acquired a new stake in Park National in the fourth quarter valued at about $236,000. Finally, Geneos Wealth Management Inc. purchased a new stake in Park National in the 4th quarter valued at approximately $259,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Park National Stock Performance

NYSE:PRK opened at $155.80 on Friday. The company has a market cap of $2.52 billion, a P/E ratio of 16.73 and a beta of 0.72. The firm’s 50 day moving average is $163.50 and its two-hundred day moving average is $172.62. Park National Co. has a fifty-two week low of $123.08 and a fifty-two week high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a $1.07 dividend. This is an increase from Park National’s previous quarterly dividend of $1.06. The ex-dividend date of this dividend was Friday, February 14th. This represents a $4.28 annualized dividend and a dividend yield of 2.75%. Park National’s dividend payout ratio is presently 45.97%.

Analysts Set New Price Targets

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

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.