Principal Financial Group Inc. Boosts Stock Holdings in Park National Co. (NYSE:PRK)

Principal Financial Group Inc. raised its holdings in Park National Co. (NYSE:PRK - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 72,418 shares of the company's stock after purchasing an additional 1,895 shares during the quarter. Principal Financial Group Inc. owned 0.45% of Park National worth $10,964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Signaturefd LLC increased its position in shares of Park National by 9.7% in the fourth quarter. Signaturefd LLC now owns 692 shares of the company's stock valued at $119,000 after buying an additional 61 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in Park National by 5.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,507 shares of the company's stock valued at $258,000 after purchasing an additional 82 shares in the last quarter. KBC Group NV grew its position in shares of Park National by 11.6% in the first quarter. KBC Group NV now owns 878 shares of the company's stock valued at $133,000 after purchasing an additional 91 shares during the period. Bank of Montreal Can increased its stake in shares of Park National by 5.6% during the fourth quarter. Bank of Montreal Can now owns 2,437 shares of the company's stock worth $418,000 after purchasing an additional 130 shares in the last quarter. Finally, Contravisory Investment Management Inc. raised its position in shares of Park National by 10.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,486 shares of the company's stock worth $225,000 after purchasing an additional 135 shares during the last quarter. 62.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PRK shares. Keefe, Bruyette & Woods boosted their price objective on Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 30th. Wall Street Zen cut Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st.

Park National Price Performance

Shares of Park National stock traded up $0.97 on Thursday, hitting $171.80. 36,669 shares of the company were exchanged, compared to its average volume of 59,812. Park National Co. has a 1-year low of $137.97 and a 1-year high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 18.46 and a beta of 0.82. The company has a 50-day moving average price of $166.39 and a 200 day moving average price of $162.04.

Park National Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 16th were given a $1.07 dividend. The ex-dividend date was Friday, May 16th. This represents a $4.28 annualized dividend and a yield of 2.49%. Park National's payout ratio is 43.94%.

Park National Company 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.