Summit Financial Strategies Inc. Acquires 6,003 Shares of Park National Co. (NYSE:PRK)

Key Points

• Summit Financial Strategies Inc. increased its stake in Park National Co. by 59.8%, now holding 16,045 shares valued at approximately $2.4 million.
• Park National's quarterly dividend of $1.07 per share will be paid on September 10th, representing an annualized yield of 2.7%.
• Brokerages have mixed ratings on Park National, with Keefe, Bruyette & Woods raising their target price from $167 to $170, while Wall Street Zen downgraded the stock from a "hold" to a "sell" rating.

Summit Financial Strategies Inc. raised its stake in shares of Park National Co. (NYSE:PRK - Free Report) by 59.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,045 shares of the company's stock after buying an additional 6,003 shares during the period. Summit Financial Strategies Inc. owned about 0.10% of Park National worth $2,429,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PRK. GAMMA Investing LLC lifted its stake in shares of Park National by 199.3% in the 1st quarter. GAMMA Investing LLC now owns 449 shares of the company's stock valued at $68,000 after purchasing an additional 299 shares during the last quarter. Sterling Capital Management LLC lifted its position in Park National by 808.0% during the 4th quarter. Sterling Capital Management LLC now owns 454 shares of the company's stock worth $78,000 after acquiring an additional 404 shares during the last quarter. KBC Group NV lifted its position in Park National by 11.6% during the 1st quarter. KBC Group NV now owns 878 shares of the company's stock worth $133,000 after acquiring an additional 91 shares during the last quarter. CoreCap Advisors LLC lifted its position in Park National by 801.4% during the 4th quarter. CoreCap Advisors LLC now owns 1,244 shares of the company's stock worth $213,000 after acquiring an additional 1,106 shares during the last quarter. Finally, Aquatic Capital Management LLC lifted its position in Park National by 63.6% during the 4th quarter. Aquatic Capital Management LLC now owns 1,309 shares of the company's stock worth $224,000 after acquiring an additional 509 shares during the last quarter. Institutional investors and hedge funds own 62.65% of the company's stock.

Park National Stock Performance

Shares of NYSE:PRK traded up $0.81 on Monday, hitting $161.81. 99,947 shares of the company were exchanged, compared to its average volume of 60,620. The company's 50 day moving average price is $166.19 and its two-hundred day moving average price is $161.32. Park National Co. has a one year low of $137.97 and a one 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 capitalization of $2.60 billion, a price-to-earnings ratio of 17.38 and a beta of 0.76.

Park National Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.07 per share. The ex-dividend date is Friday, August 15th. This represents a $4.28 annualized dividend and a dividend yield of 2.6%. Park National's payout ratio is presently 41.59%.

Analysts Set New Price Targets

A number of research firms have weighed in on PRK. Wall Street Zen lowered shares of Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Raymond James Financial began coverage on shares of Park National in a research report on Monday, July 21st. They set a "market perform" rating for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 30th.

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.