Park National Co. $PRK Position Trimmed by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Park National Co. by 5.1%, selling 9,236 shares and now owns approximately 1.05% of the company.
• A recent analyst report increased Park National's price target to $170.00 while maintaining a "market perform" rating, contributing to a consensus target price of $177.75.
• Park National announced a quarterly dividend of $1.07 per share, with an annualized yield of 2.6% and a payout ratio of 41.59%.

Charles Schwab Investment Management Inc. reduced its stake in shares of Park National Co. (NYSE:PRK - Free Report) by 5.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 170,459 shares of the company's stock after selling 9,236 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.05% of Park National worth $25,807,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Park National by 199.3% during the first quarter. GAMMA Investing LLC now owns 449 shares of the company's stock valued at $68,000 after purchasing an additional 299 shares in the last quarter. Sterling Capital Management LLC raised its position in Park National by 808.0% in the fourth quarter. Sterling Capital Management LLC now owns 454 shares of the company's stock worth $78,000 after acquiring an additional 404 shares in the last quarter. KBC Group NV raised its position in Park National by 11.6% in the first quarter. KBC Group NV now owns 878 shares of the company's stock worth $133,000 after acquiring an additional 91 shares in the last quarter. CoreCap Advisors LLC raised its position in Park National by 801.4% in the fourth quarter. CoreCap Advisors LLC now owns 1,244 shares of the company's stock worth $213,000 after acquiring an additional 1,106 shares in the last quarter. Finally, Aquatic Capital Management LLC raised its position in Park National by 63.6% in the fourth quarter. Aquatic Capital Management LLC now owns 1,309 shares of the company's stock worth $224,000 after acquiring an additional 509 shares in the last quarter. 62.65% of the stock is currently owned by institutional investors.

Park National Trading Up 4.6%

NYSE PRK traded up $7.62 on Friday, hitting $173.49. 61,818 shares of the company were exchanged, compared to its average volume of 59,734. The company's 50 day moving average price is $167.33 and its 200-day moving average price is $161.22. 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 has a market capitalization of $2.79 billion, a P/E ratio of 18.63 and a beta of 0.76. Park National Co. has a twelve month low of $137.97 and a twelve month high of $207.99.

Park National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, August 15th. Park National's payout ratio is 41.59%.

Analyst Upgrades and Downgrades

PRK has been the topic of several research reports. Raymond James Financial initiated coverage on shares of Park National in a research report on Monday, July 21st. They issued a "market perform" rating on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 30th. Finally, Wall Street Zen cut shares of Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $177.75.

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.