Northern Trust Corp Lowers Stock Position in Park National Co. $PRK

Key Points

• Northern Trust Corp reduced its stake in Park National Co. by 1.2%, owning approximately 180,671 shares valued at $27.35 million after selling 2,137 shares in the first quarter.
• Analysts have mixed opinions on Park National, with a consensus rating of "Hold" and a target price of $177.75; however, Wall Street Zen downgraded the stock from "Hold" to "Sell."
• Park National recently announced a quarterly dividend of $1.07 per share, representing a 2.5% yield with an ex-dividend date of August 15th.

Northern Trust Corp cut its holdings in shares of Park National Co. (NYSE:PRK - Free Report) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 180,671 shares of the company's stock after selling 2,137 shares during the quarter. Northern Trust Corp owned approximately 1.12% of Park National worth $27,354,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. raised its stake in shares of Park National by 4.8% in the first quarter. American Century Companies Inc. now owns 38,820 shares of the company's stock valued at $5,877,000 after acquiring an additional 1,793 shares during the period. Public Sector Pension Investment Board increased its holdings in Park National by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 46,104 shares of the company's stock worth $6,980,000 after purchasing an additional 9,900 shares during the period. Nuveen LLC bought a new stake in Park National during the 1st quarter valued at $5,972,000. Virtu Financial LLC bought a new stake in Park National during the 1st quarter valued at $226,000. Finally, Entropy Technologies LP bought a new stake in Park National during the 1st quarter valued at $307,000. Hedge funds and other institutional investors own 62.65% of the company's stock.

Park National Price Performance

Shares of PRK stock traded up $1.25 during trading hours on Thursday, reaching $172.02. The company had a trading volume of 12,933 shares, compared to its average volume of 58,929. 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 fifty day moving average of $169.21 and a 200-day moving average of $161.40. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 18.48 and a beta of 0.77. Park National Co. has a 12-month low of $137.97 and a 12-month high of $207.99.

Park National Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRK. Wall Street Zen cut Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Raymond James Financial initiated coverage on Park National in a research report on Monday, July 21st. They set a "market perform" rating for the company. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently 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.