Park National Co. (NYSE:PRK) Position Cut by Millennium Management LLC

Millennium Management LLC cut its holdings in shares of Park National Co. (NYSE:PRK - Free Report) by 44.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,818 shares of the company's stock after selling 5,526 shares during the quarter. Millennium Management LLC's holdings in Park National were worth $1,169,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Barclays PLC grew its stake in shares of Park National by 161.7% during the 3rd quarter. Barclays PLC now owns 28,528 shares of the company's stock valued at $4,792,000 after buying an additional 17,627 shares during the period. Janney Montgomery Scott LLC raised its holdings in Park National by 236.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 5,124 shares of the company's stock valued at $878,000 after buying an additional 3,599 shares during the period. KBC Group NV raised its holdings in Park National by 55.8% in the fourth quarter. KBC Group NV now owns 787 shares of the company's stock valued at $135,000 after buying an additional 282 shares during the period. Berkshire Money Management Inc. acquired a new position in Park National during the fourth quarter valued at approximately $553,000. Finally, Principal Financial Group Inc. grew its stake in Park National by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 70,523 shares of the company's stock worth $12,090,000 after buying an additional 2,007 shares during the period. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRK shares. Keefe, Bruyette & Woods increased their price objective 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. Piper Sandler started coverage on Park National in a report on Thursday, February 20th. They issued 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 note on Wednesday, May 21st.

Park National Stock Performance

Shares of NYSE PRK traded up $3.28 during trading on Friday, reaching $162.72. The stock had a trading volume of 35,080 shares, compared to its average volume of 58,156. Park National Co. has a one year low of $131.93 and a one year high of $207.99. The firm's 50 day moving average price is $155.29 and its two-hundred day moving average price is $165.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The stock has a market cap of $2.63 billion, a PE ratio of 17.48 and a beta of 0.82.

Park National Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 16th will be issued 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 is Friday, May 16th. Park National's dividend payout ratio (DPR) is presently 43.94%.

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.