Vanguard Group Inc. Sells 15,617 Shares of Park National Co. $PRK

Key Points

• Vanguard Group Inc. reduced its stake in Park National Co. by 0.9% during the 1st quarter, now holding approximately 1.68 million shares valued at around $255 million.
• Park National recently announced a quarterly dividend of $1.07 per share, with an annualized yield of 2.6%, and a payout ratio of 41.59%.
• Analysts have mixed views on Park National, with Keefe, Bruyette & Woods upgrading their price target to $170, while Wall Street Zen downgraded the stock to a "sell" rating.

Vanguard Group Inc. trimmed its position in Park National Co. (NYSE:PRK - Free Report) by 0.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,685,970 shares of the company's stock after selling 15,617 shares during the period. Vanguard Group Inc. owned 10.43% of Park National worth $255,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Trust Advisors LP increased its position in shares of Park National by 77.5% in the fourth quarter. First Trust Advisors LP now owns 160,715 shares of the company's stock valued at $27,551,000 after buying an additional 70,170 shares in the last quarter. GAMMA Investing LLC lifted its stake in Park National by 45,219.3% during the 1st quarter. GAMMA Investing LLC now owns 67,979 shares of the company's stock worth $10,292,000 after acquiring an additional 67,829 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Park National during the 4th quarter worth approximately $3,673,000. Colonial Trust Co SC acquired a new position in Park National during the 4th quarter worth $2,018,000. Finally, J.W. Cole Advisors Inc. increased its stake in shares of Park National by 149.0% during the first quarter. J.W. Cole Advisors Inc. now owns 15,986 shares of the company's stock worth $2,420,000 after buying an additional 9,566 shares during the period. 62.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Park National from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Raymond James Financial started coverage on Park National in a report on Monday, July 21st. They set a "market perform" rating on the stock. Finally, 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 report on Wednesday, April 30th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Park National currently has a consensus rating of "Hold" and an average target price of $177.75.

Park National Stock Up 4.3%

Shares of PRK stock traded up $7.0640 on Friday, reaching $172.9340. 27,558 shares of the company's stock traded hands, compared to its average volume of 59,512. Park National Co. has a 12-month low of $137.97 and a 12-month high of $207.99. 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 company has a market capitalization of $2.78 billion, a P/E ratio of 18.56 and a beta of 0.76. The business's 50 day moving average price is $167.01 and its two-hundred day moving average price is $161.26.

Park National Dividend Announcement

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

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.