Hsbc Holdings PLC Lowers Holdings in Park National Co. $PRK

Hsbc Holdings PLC lowered its stake in shares of Park National Co. (NYSE:PRK) by 63.9% in the first quarter, HoldingsChannel reports. The fund owned 2,509 shares of the company’s stock after selling 4,444 shares during the quarter. Hsbc Holdings PLC’s holdings in Park National were worth $407,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PRK. Kestra Advisory Services LLC boosted its position in shares of Park National by 14.8% in the first quarter. Kestra Advisory Services LLC now owns 1,470 shares of the company’s stock worth $240,000 after acquiring an additional 189 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Park National by 12.2% during the first quarter. Oregon Public Employees Retirement Fund now owns 3,677 shares of the company’s stock worth $601,000 after purchasing an additional 400 shares during the last quarter. Keybank National Association OH raised its stake in Park National by 39.9% during the first quarter. Keybank National Association OH now owns 1,884 shares of the company’s stock worth $308,000 after purchasing an additional 537 shares during the period. Fort Washington Investment Advisors Inc. OH raised its stake in Park National by 9.7% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 8,141 shares of the company’s stock worth $1,331,000 after purchasing an additional 723 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Park National in the 1st quarter valued at $1,160,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Stock Performance

Park National stock opened at $208.15 on Friday. Park National Co. has a 12-month low of $149.06 and a 12-month high of $214.10. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 22.36 and a beta of 0.69. 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’s fifty day moving average price is $182.27 and its 200 day moving average price is $172.24.

Park National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 21st. Park National’s payout ratio is presently 39.39%.

Analysts Set New Price Targets

Several research analysts recently weighed in on PRK shares. Keefe, Bruyette & Woods increased their target price on Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a research report on Thursday. Raymond James Financial assumed coverage on Park National in a research report on Tuesday, July 7th. They set a “market perform” rating for the company. Finally, Piper Sandler raised their price objective on Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, Park National presently has a consensus rating of “Hold” and a consensus target price of $211.00.

About Park National

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.