Bank of America Corp DE Reduces Holdings in Park National Co. (NYSE:PRK)

Bank of America Corp DE decreased its position in shares of Park National Co. (NYSE:PRK - Free Report) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,722 shares of the company's stock after selling 4,728 shares during the quarter. Bank of America Corp DE owned 0.30% of Park National worth $8,181,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRK. First Trust Advisors LP lifted its holdings in shares of Park National by 77.5% during the fourth quarter. First Trust Advisors LP now owns 160,715 shares of the company's stock worth $27,551,000 after purchasing an additional 70,170 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Park National by 427.9% during the fourth quarter. JPMorgan Chase & Co. now owns 64,482 shares of the company's stock worth $11,054,000 after purchasing an additional 52,268 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Park National during the fourth quarter worth about $3,673,000. Invesco Ltd. lifted its holdings in shares of Park National by 22.8% during the fourth quarter. Invesco Ltd. now owns 107,428 shares of the company's stock worth $18,416,000 after purchasing an additional 19,948 shares during the period. Finally, Barclays PLC raised its position in Park National by 161.7% during the third quarter. Barclays PLC now owns 28,528 shares of the company's stock valued at $4,792,000 after acquiring an additional 17,627 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company's stock.

Park National Price Performance

Shares of Park National stock traded down $2.26 on Wednesday, reaching $162.62. The company's stock had a trading volume of 44,620 shares, compared to its average volume of 57,810. The company has a market capitalization of $2.63 billion, a P/E ratio of 17.47 and a beta of 0.79. Park National Co. has a 52-week low of $131.93 and a 52-week high of $207.99. The stock has a 50-day moving average price of $154.24 and a 200-day moving average price of $167.15. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 16th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, May 16th. Park National's payout ratio is 43.94%.

Analyst Upgrades and Downgrades

PRK has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price target on Park National from $167.00 to $170.00 and gave the company a "market perform" rating in a research report on Wednesday, April 30th. Piper Sandler initiated coverage on Park National in a research report on Thursday, February 20th. They set a "neutral" rating and a $185.50 price target for the company. Finally, Wall Street Zen cut Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st.

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.