Johnson Investment Counsel Inc. Makes New Investment in Park National Co. (NYSE:PRK)

Johnson Investment Counsel Inc. acquired a new position in shares of Park National Co. (NYSE:PRK) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,333 shares of the company’s stock, valued at approximately $571,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its holdings in Park National by 162.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock worth $31,000 after purchasing an additional 112 shares in the last quarter. KBC Group NV increased its holdings in Park National by 55.8% during the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after purchasing an additional 282 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Park National during the 4th quarter worth approximately $201,000. Colton Groome Financial Advisors LLC bought a new stake in Park National during the 4th quarter worth approximately $236,000. Finally, Geneos Wealth Management Inc. bought a new stake in Park National during the 4th quarter worth approximately $259,000. 62.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRK. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $178.00 price objective (down from $187.00) on shares of Park National in a report on Wednesday, January 29th. Piper Sandler started coverage on Park National in a report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 target price for the company.

Park National Stock Performance

PRK stock opened at $152.24 on Thursday. The firm has a market cap of $2.46 billion, a PE ratio of 16.35 and a beta of 0.72. 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 business has a 50 day moving average of $166.93 and a 200-day moving average of $173.93. Park National Co. has a 12-month low of $123.08 and a 12-month high of $207.99.

Park National Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a $1.07 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from Park National’s previous quarterly dividend of $1.06. This represents a $4.28 annualized dividend and a dividend yield of 2.81%. Park National’s dividend payout ratio is currently 45.97%.

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.