Park National Co. (NYSEMKT:PRK) Stake Decreased by Bank of America Corp DE

Bank of America Corp DE lowered its stake in shares of Park National Co. (NYSEMKT:PRK) by 2.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,684 shares of the financial services provider’s stock after selling 2,842 shares during the period. Bank of America Corp DE owned 0.70% of Park National worth $11,224,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Russell Investments Group Ltd. acquired a new stake in Park National during the fourth quarter worth approximately $856,000. State Street Corp boosted its stake in Park National by 7.0% in the fourth quarter. State Street Corp now owns 259,236 shares of the financial services provider’s stock worth $31,025,000 after buying an additional 17,069 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Park National by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 279,711 shares of the financial services provider’s stock worth $33,470,000 after buying an additional 7,179 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Park National by 28.9% in the fourth quarter. Renaissance Technologies LLC now owns 77,226 shares of the financial services provider’s stock worth $9,241,000 after buying an additional 17,326 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Park National during the fourth quarter worth about $439,000.

Park National Co. (NYSEMKT:PRK) traded down 0.51% during trading on Friday, reaching $98.01. The company’s stock had a trading volume of 39,009 shares. Park National Co. has a 52 week low of $87.90 and a 52 week high of $122.88. The company has a market capitalization of $1.50 billion, a PE ratio of 17.41 and a beta of 0.85. The company has a 50 day moving average price of $104.34 and a 200-day moving average price of $105.97.

Park National (NYSEMKT:PRK) last released its earnings results on Monday, July 24th. The financial services provider reported $1.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by $0.17. Park National had a net margin of 26.51% and a return on equity of 10.94%. The company had revenue of $79.03 million during the quarter, compared to the consensus estimate of $81.39 million. Equities research analysts anticipate that Park National Co. will post $5.50 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.84%. The ex-dividend date is Wednesday, August 16th. Park National’s dividend payout ratio (DPR) is presently 72.73%.

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A number of analysts have recently issued reports on PRK shares. BidaskClub lowered Park National from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Zacks Investment Research lowered Park National from a “hold” rating to a “sell” rating in a research note on Friday.

About Park National

Park National Corporation (Park) is a financial holding company. Park’s principal business consists of owning and supervising its subsidiaries. Park’s banking operations are conducted through The Park National Bank (Park National Bank). Its segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH).