Everence Capital Management Inc. Acquires New Holdings in Park National Co. (NYSE:PRK)

Everence Capital Management Inc. acquired a new stake in shares of Park National Co. (NYSE:PRK) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,050 shares of the company’s stock, valued at approximately $272,000.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Park National by 1.3% during the third quarter. Vanguard Group Inc. now owns 1,601,843 shares of the company’s stock valued at $199,397,000 after acquiring an additional 20,598 shares in the last quarter. State Street Corp grew its stake in Park National by 8.0% during the first quarter. State Street Corp now owns 580,213 shares of the company’s stock valued at $68,796,000 after acquiring an additional 43,116 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Park National by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 409,608 shares of the company’s stock valued at $48,565,000 after acquiring an additional 28,619 shares in the last quarter. Geode Capital Management LLC grew its stake in Park National by 2.3% during the second quarter. Geode Capital Management LLC now owns 281,835 shares of the company’s stock valued at $28,837,000 after acquiring an additional 6,238 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Park National by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 173,204 shares of the company’s stock worth $21,562,000 after buying an additional 4,373 shares in the last quarter. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler began coverage on shares of Park National in a research note on Friday, February 23rd. They issued a “neutral” rating and a $130.00 price target for the company.

Park National Price Performance

PRK stock opened at $125.27 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.91 and a quick ratio of 0.91. Park National Co. has a one year low of $90.28 and a one year high of $137.26. The stock has a market cap of $2.02 billion, a PE ratio of 15.14 and a beta of 0.70. The firm has a 50 day simple moving average of $129.62 and a two-hundred day simple moving average of $121.50.

Park National (NYSE:PRK) last released its quarterly earnings results on Monday, January 22nd. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.91 by $0.09. Park National had a net margin of 22.46% and a return on equity of 12.17%. The business had revenue of $140.73 million during the quarter, compared to analysts’ expectations of $119.14 million. On average, analysts predict that Park National Co. will post 7.6 EPS for the current fiscal year.

Park National Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $1.06 dividend. This represents a $4.24 dividend on an annualized basis and a dividend yield of 3.38%. This is a positive change from Park National’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, February 15th. Park National’s payout ratio is presently 54.36%.

Park National Profile

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.