Park National Co. $PRK Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stock holdings in Park National Co. by 61.2% in the first quarter, owning 41,673 shares valued at approximately $6.3 million after selling 65,755 shares during that period.
• Several institutional investors have modified their positions, with GAMMA Investing LLC increasing its stake by 199.3%, now holding 449 shares valued at $68,000.
• Park National has a current average stock rating of "Hold" with a price target of $177.75, while it recently declared a quarterly dividend of $1.07 scheduled for payment on September 10th.

Invesco Ltd. lessened its position in shares of Park National Co. (NYSE:PRK - Free Report) by 61.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,673 shares of the company's stock after selling 65,755 shares during the period. Invesco Ltd. owned about 0.26% of Park National worth $6,309,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Park National by 199.3% in the 1st quarter. GAMMA Investing LLC now owns 449 shares of the company's stock valued at $68,000 after buying an additional 299 shares in the last quarter. KBC Group NV boosted its holdings in shares of Park National by 11.6% in the 1st quarter. KBC Group NV now owns 878 shares of the company's stock valued at $133,000 after buying an additional 91 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in shares of Park National by 801.4% in the 4th quarter. CoreCap Advisors LLC now owns 1,244 shares of the company's stock valued at $213,000 after buying an additional 1,106 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in Park National by 63.6% during the 4th quarter. Aquatic Capital Management LLC now owns 1,309 shares of the company's stock worth $224,000 after purchasing an additional 509 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Park National during the 1st quarter worth $208,000. Institutional investors and hedge funds own 62.65% of the company's stock.

Park National Stock Performance

Shares of PRK stock traded down $2.29 during mid-day trading on Friday, hitting $171.77. The stock had a trading volume of 40,791 shares, compared to its average volume of 59,459. Park National Co. has a fifty-two week low of $137.97 and a fifty-two week high of $207.99. The firm has a market cap of $2.76 billion, a PE ratio of 18.45 and a beta of 0.76. 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 company's 50-day simple moving average is $168.79 and its 200-day simple moving average is $161.34.

Park National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be paid a $1.07 dividend. The ex-dividend date is Friday, August 15th. This represents a $4.28 annualized dividend and a dividend yield of 2.5%. Park National's dividend payout ratio (DPR) is 41.59%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of Park National from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Raymond James Financial assumed coverage on shares of Park National in a research note on Monday, July 21st. They set a "market perform" rating for the company. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Park National has an average rating of "Hold" and a consensus price target 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.