Principal Financial Group Inc. Lowers Stock Position in Park National Co. $PRK

Principal Financial Group Inc. cut its stake in shares of Park National Co. (NYSE:PRK) by 4.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,097 shares of the company’s stock after selling 3,174 shares during the quarter. Principal Financial Group Inc. owned approximately 0.43% of Park National worth $11,230,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arbor Investment Advisors LLC purchased a new position in shares of Park National in the third quarter valued at about $665,000. Janney Montgomery Scott LLC raised its stake in Park National by 7.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 5,554 shares of the company’s stock valued at $929,000 after purchasing an additional 400 shares during the period. Geode Capital Management LLC lifted its holdings in Park National by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 347,548 shares of the company’s stock worth $58,139,000 after purchasing an additional 6,372 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Park National in the 2nd quarter worth approximately $203,000. Finally, Stratos Wealth Partners LTD. grew its holdings in Park National by 11.8% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 13,930 shares of the company’s stock valued at $2,330,000 after buying an additional 1,468 shares in the last quarter. Institutional investors own 62.65% of the company’s stock.

Park National Price Performance

Park National stock opened at $172.60 on Thursday. Park National Co. has a 52-week low of $137.97 and a 52-week high of $179.48. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average is $161.97 and its 200 day moving average is $161.87. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 18.54 and a beta of 0.74.

Park National Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Friday, February 20th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, February 20th. Park National’s dividend payout ratio is presently 39.57%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PRK shares. Zacks Research raised shares of Park National from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 4th. Keefe, Bruyette & Woods increased their price objective on shares of Park National from $175.00 to $180.00 and gave the company a “market perform” rating in a report on Wednesday, October 29th. Finally, Piper Sandler raised their price objective on Park National from $176.00 to $183.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Park National presently has an average rating of “Moderate Buy” and a consensus price target of $181.50.

Park National 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.