Rhumbline Advisers Has $6.12 Million Position in Park National Co. $PRK

Key Points

• Rhumbline Advisers reduced its stake in Park National Co. by 4.7%, now owning 40,415 shares worth approximately $6.1 million after selling 1,975 shares in the first quarter.
• Park National recently declared a quarterly dividend of $1.07, resulting in an annualized yield of 2.5%, with a payout ratio of 41.59%.
• As of Friday, Park National's stock is trading at $169.00, with a twelve-month range between $137.97 and $207.99 and a consensus rating of "Hold" from analysts.

Rhumbline Advisers lowered its position in shares of Park National Co. (NYSE:PRK - Free Report) by 4.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,415 shares of the company's stock after selling 1,975 shares during the quarter. Rhumbline Advisers owned approximately 0.25% of Park National worth $6,119,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Park National by 2.7% during the first quarter. Principal Financial Group Inc. now owns 72,418 shares of the company's stock worth $10,964,000 after acquiring an additional 1,895 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Park National by 45,219.3% during the first quarter. GAMMA Investing LLC now owns 67,979 shares of the company's stock worth $10,292,000 after purchasing an additional 67,829 shares during the period. Jane Street Group LLC grew its stake in shares of Park National by 3,571.9% during the first quarter. Jane Street Group LLC now owns 50,342 shares of the company's stock worth $7,622,000 after purchasing an additional 48,971 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Park National by 27.3% during the first 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. Finally, Nuveen LLC acquired a new stake in shares of Park National during the first quarter worth $5,972,000. Institutional investors own 62.65% of the company's stock.

Park National Trading Down 1.6%

NYSE:PRK traded down $2.73 on Monday, reaching $166.27. The company's stock had a trading volume of 36,816 shares, compared to its average volume of 58,292. Park National Co. has a 1-year low of $137.97 and a 1-year 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 firm has a market cap of $2.67 billion, a PE ratio of 17.86 and a beta of 0.77. The business's 50-day moving average price is $168.83 and its two-hundred day moving average price is $161.64.

Park National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th were given a dividend of $1.07 per share. This represents a $4.28 annualized dividend 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 currently 41.59%.

Analyst Upgrades and Downgrades

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

Park National 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.