Park National Corp OH Sells 29,417 Shares of Park National Co. $PRK

Key Points

• Park National Corp OH reduced its stake in Park National Co. by 2.7%, selling 29,417 shares, yet it remains the fund's largest position at 5.9% of its portfolio.
• The latest quarterly dividend was paid in September, amounting to $1.07 per share, representing a 2.5% dividend yield with a payout ratio of 41.59%.
• Park National's stock currently has a consensus rating of "Hold" with an average price target of $177.75, as several analysts recently issued reports downgrading and covering the stock.

Park National Corp OH trimmed its position in Park National Co. (NYSE:PRK - Free Report) by 2.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,061,947 shares of the company's stock after selling 29,417 shares during the quarter. Park National makes up 5.9% of Park National Corp OH's investment portfolio, making the stock its largest position. Park National Corp OH owned approximately 6.56% of Park National worth $177,621,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PRK. GAMMA Investing LLC raised its stake 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 acquiring an additional 299 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Park National in the first quarter valued at about $93,000. KBC Group NV boosted its holdings 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 acquiring an additional 91 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Park National during the first quarter worth about $208,000. Finally, Contravisory Investment Management Inc. lifted its holdings in shares of Park National by 10.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,486 shares of the company's stock valued at $225,000 after purchasing an additional 135 shares in the last quarter. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Park National Stock Down 1.6%

NYSE PRK traded down $2.73 during trading hours on Monday, reaching $166.27. 36,816 shares of the company traded hands, compared to its average volume of 58,292. Park National Co. has a 12 month low of $137.97 and a 12 month high of $207.99. 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 market capitalization of $2.67 billion, a PE ratio of 17.86 and a beta of 0.77. The company has a 50 day moving average of $168.83 and a two-hundred day moving average of $161.64.

Park National Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 15th. Park National's dividend payout ratio is 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.