Corient Private Wealth LLC Reduces Holdings in Park National Co. $PRK

Corient Private Wealth LLC trimmed its stake in Park National Co. (NYSE:PRK) by 42.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,944 shares of the company’s stock after selling 5,069 shares during the quarter. Corient Private Wealth LLC’s holdings in Park National were worth $1,057,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Ballentine Partners LLC lifted its position in Park National by 3.2% during the fourth quarter. Ballentine Partners LLC now owns 2,090 shares of the company’s stock worth $318,000 after buying an additional 64 shares during the period. Quadrant Capital Group LLC boosted its holdings in Park National by 3.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,926 shares of the company’s stock worth $293,000 after acquiring an additional 66 shares during the period. GAMMA Investing LLC boosted its stake in shares of Park National by 13.4% in the fourth quarter. GAMMA Investing LLC now owns 628 shares of the company’s stock valued at $96,000 after purchasing an additional 74 shares during the period. LPL Financial LLC boosted its position in Park National by 0.9% in the 4th quarter. LPL Financial LLC now owns 10,844 shares of the company’s stock valued at $1,650,000 after buying an additional 92 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in Park National by 3.3% during the 4th quarter. ProShare Advisors LLC now owns 2,879 shares of the company’s stock valued at $438,000 after purchasing an additional 93 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on PRK shares. Piper Sandler raised their price objective on shares of Park National from $188.00 to $189.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Zacks Research lowered Park National from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $184.50.

Park National Stock Performance

NYSE:PRK opened at $186.42 on Friday. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 20.02 and a beta of 0.70. Park National Co. has a twelve month low of $149.06 and a twelve month high of $188.04. 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 company has a 50-day moving average of $173.90 and a 200-day moving average of $167.56.

Park National Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 15th. Park National’s dividend payout ratio (DPR) is 40.33%.

Park National Company 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.