Rafferty Asset Management LLC Sells 1,646 Shares of Park National Co. $PRK

Key Points

• Rafferty Asset Management LLC reduced its stake in Park National Co. by 16.2%, holding 8,541 shares valued at approximately $1.29 million after selling 1,646 shares.
• Recent analyst ratings show Park National downgraded from a "hold" to a "sell" by Wall Street Zen, with a consensus target price of $177.75.
• The company declared a quarterly dividend of $1.07, resulting in an annual yield of 2.5%, with the ex-dividend date set for August 15th.

Rafferty Asset Management LLC lessened its stake in shares of Park National Co. (NYSE:PRK - Free Report) by 16.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,541 shares of the company's stock after selling 1,646 shares during the period. Rafferty Asset Management LLC owned about 0.05% of Park National worth $1,293,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Park National by 199.3% during the 1st quarter. GAMMA Investing LLC now owns 449 shares of the company's stock worth $68,000 after buying an additional 299 shares during the period. AlphaQuest LLC acquired a new position in shares of Park National in the 1st quarter valued at about $93,000. KBC Group NV increased 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 purchasing an additional 91 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Park National in the 1st quarter valued at about $208,000. Finally, CoreCap Advisors LLC increased 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 purchasing an additional 1,106 shares during the period. Institutional investors and hedge funds own 62.65% of the company's stock.

Wall Street Analysts Forecast Growth

PRK has been the topic of a number of research reports. Raymond James Financial initiated coverage on Park National in a report on Monday, July 21st. They issued a "market perform" rating on the stock. Wall Street Zen downgraded Park National from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Park National presently has a consensus rating of "Hold" and an average price target of $177.75.

Park National Stock Performance

Park National stock traded up $2.52 during trading hours on Thursday, reaching $173.29. 31,958 shares of the company were exchanged, compared to its average volume of 59,043. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 18.61 and a beta of 0.77. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average of $169.21 and a 200 day moving average of $161.40. Park National Co. has a 12 month low of $137.97 and a 12 month high of $207.99.

Park National Dividend Announcement

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

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.