Summit Financial Strategies Inc. Lowers Stock Position in Park National Co. $PRK

Summit Financial Strategies Inc. decreased its holdings in Park National Co. (NYSE:PRK) by 41.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,058 shares of the company’s stock after selling 6,389 shares during the period. Summit Financial Strategies Inc. owned about 0.05% of Park National worth $1,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB grew its stake in Park National by 253.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company’s stock valued at $28,000 after purchasing an additional 109 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Park National in the second quarter valued at approximately $30,000. EverSource Wealth Advisors LLC grew its holdings in Park National by 629.2% in the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock worth $29,000 after purchasing an additional 151 shares during the last quarter. Quarry LP grew its stake in shares of Park National by 878.3% during the third quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after acquiring an additional 202 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Park National by 156.9% during the second quarter. Versant Capital Management Inc now owns 262 shares of the company’s stock valued at $48,000 after buying an additional 160 shares during the last quarter. Institutional investors own 62.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRK. Keefe, Bruyette & Woods raised their target price on Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Piper Sandler raised their price objective on Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Raymond James Financial began coverage on Park National in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $211.00.

Park National Price Performance

NYSE:PRK opened at $190.54 on Wednesday. Park National Co. has a 52 week low of $149.06 and a 52 week high of $215.00. 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 stock has a market capitalization of $3.44 billion, a PE ratio of 20.47 and a beta of 0.67. The stock’s 50-day moving average price is $196.08 and its 200-day moving average price is $178.72.

Park National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 21st. Park National’s dividend payout ratio (DPR) is presently 39.39%.

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.