Park National Co. $PRK Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in shares of Park National Co. (NYSE:PRK) by 14.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 78,087 shares of the company’s stock after purchasing an additional 9,865 shares during the quarter. Principal Financial Group Inc.’s holdings in Park National were worth $12,763,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PRK. Tudor Investment Corp ET AL boosted its stake in shares of Park National by 51.2% during the 3rd quarter. Tudor Investment Corp ET AL now owns 32,285 shares of the company’s stock worth $5,247,000 after acquiring an additional 10,935 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Park National by 249.8% during the fourth quarter. SG Americas Securities LLC now owns 6,299 shares of the company’s stock worth $959,000 after purchasing an additional 4,498 shares during the period. UBS Group AG raised its position in shares of Park National by 15.7% during the fourth quarter. UBS Group AG now owns 64,583 shares of the company’s stock worth $9,828,000 after purchasing an additional 8,777 shares during the period. Park National Corp OH lifted its holdings in shares of Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock valued at $188,942,000 after purchasing an additional 103,142 shares during the last quarter. Finally, Berkshire Money Management Inc. purchased a new stake in shares of Park National during the fourth quarter valued at $491,000. Institutional investors and hedge funds own 62.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PRK shares. Piper Sandler increased their price target on Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Zacks Research lowered shares of Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, Raymond James Financial began coverage on shares of Park National in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $184.50.

Park National Stock Performance

Shares of PRK stock opened at $188.58 on Friday. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 20.26 and a beta of 0.69. Park National Co. has a 1-year low of $149.06 and a 1-year high of $192.77. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s fifty day simple moving average is $178.62 and its 200-day simple moving average is $170.55.

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.