Kennondale Capital Management LLC Purchases Shares of 2,878 Park National Co. (NYSE:PRK)

Kennondale Capital Management LLC purchased a new stake in Park National Co. (NYSE:PRK) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,878 shares of the company’s stock, valued at approximately $493,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRK. Raymond James Financial Inc. bought a new stake in Park National in the fourth quarter valued at $3,673,000. Barclays PLC increased its stake in Park National by 161.7% in the third quarter. Barclays PLC now owns 28,528 shares of the company’s stock valued at $4,792,000 after purchasing an additional 17,627 shares in the last quarter. Matauro LLC bought a new stake in Park National in the fourth quarter valued at $2,203,000. FMR LLC increased its position in shares of Park National by 729.6% during the third quarter. FMR LLC now owns 7,815 shares of the company’s stock worth $1,313,000 after acquiring an additional 6,873 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of Park National by 42.5% during the third quarter. Jane Street Group LLC now owns 20,225 shares of the company’s stock worth $3,397,000 after acquiring an additional 6,031 shares in the last quarter. 62.65% of the stock is owned by institutional investors.

Park National Trading Down 1.0 %

NYSE:PRK opened at $154.63 on Tuesday. Park National Co. has a one year low of $123.08 and a one 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 has a 50-day moving average of $165.88 and a 200-day moving average of $173.53. The company has a market cap of $2.50 billion, a PE ratio of 16.61 and a beta of 0.72.

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 $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 2.77%. 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. Park National’s dividend payout ratio is presently 45.97%.

Analyst Ratings Changes

Several research firms have recently commented on PRK. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $178.00 target price (down from $187.00) on shares of Park National in a research report on Wednesday, January 29th. Piper Sandler began 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 for the company.

Park National 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.