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

Kennondale Capital Management LLC bought a new stake in Park National Co. (NYSE:PRK) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 2,878 shares of the company’s stock, valued at approximately $493,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRK. Atria Investments Inc boosted its stake in Park National by 31.6% in the third quarter. Atria Investments Inc now owns 3,367 shares of the company’s stock valued at $566,000 after acquiring an additional 809 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in Park National in the third quarter valued at about $280,000. Los Angeles Capital Management LLC purchased a new stake in shares of Park National during the 3rd quarter valued at approximately $288,000. PNC Financial Services Group Inc. lifted its stake in shares of Park National by 1.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 8,082 shares of the company’s stock valued at $1,358,000 after buying an additional 116 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Park National during the 3rd quarter valued at approximately $351,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Stock Performance

Park National stock opened at $154.63 on Tuesday. The firm’s 50 day simple moving average is $165.88 and its 200 day simple moving average is $173.53. 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 firm has a market capitalization of $2.50 billion, a PE ratio of 16.61 and a beta of 0.72. Park National Co. has a 1-year low of $123.08 and a 1-year high of $207.99.

Park National Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Park National’s previous quarterly dividend of $1.06. Park National’s dividend payout ratio is 45.97%.

Wall Street Analyst Weigh In

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