Meridian Wealth Advisors LLC Takes Position in Park National Co. $PRK

Meridian Wealth Advisors LLC bought a new position in shares of Park National Co. (NYSE:PRK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,310 shares of the company’s stock, valued at approximately $219,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in shares of Park National by 2.2% during the second quarter. Rhumbline Advisers now owns 41,317 shares of the company’s stock valued at $6,911,000 after acquiring an additional 902 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Park National by 58.4% in the second quarter. JPMorgan Chase & Co. now owns 43,987 shares of the company’s stock valued at $7,357,000 after purchasing an additional 16,211 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Park National in the second quarter valued at $203,000. Creative Planning raised its position in Park National by 9.2% during the 2nd quarter. Creative Planning now owns 14,607 shares of the company’s stock worth $2,443,000 after purchasing an additional 1,232 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Park National by 208.0% during the 2nd quarter. SG Americas Securities LLC now owns 4,247 shares of the company’s stock worth $710,000 after buying an additional 2,868 shares during the period. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRK has been the subject of several recent research reports. Piper Sandler decreased their price target on Park National from $185.00 to $176.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Keefe, Bruyette & Woods upped their target price on Park National from $175.00 to $180.00 and gave the company a “market perform” rating in a report on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Park National from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Park National presently has a consensus rating of “Hold” and an average target price of $178.00.

Park National Stock Up 1.9%

Shares of NYSE:PRK opened at $154.97 on Friday. Park National Co. has a 1 year low of $137.97 and a 1 year high of $207.99. 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 business’s 50-day moving average is $158.76 and its 200-day moving average is $164.09. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 16.65 and a beta of 0.76.

Park National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, November 21st. Park National’s dividend payout ratio is presently 39.41%.

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.