Alliancebernstein L.P. cut its position in Park National Co. (NYSEMKT:PRK) by 10.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 19,382 shares of the financial services provider’s stock after selling 2,312 shares during the period. Alliancebernstein L.P. owned 0.13% of Park National worth $2,039,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Park National during the fourth quarter valued at approximately $17,078,000. Park National Corp OH raised its position in Park National by 5.1% in the first quarter. Park National Corp OH now owns 1,966,779 shares of the financial services provider’s stock worth $206,905,000 after buying an additional 95,204 shares in the last quarter. First Trust Advisors LP raised its position in Park National by 45.8% in the first quarter. First Trust Advisors LP now owns 189,333 shares of the financial services provider’s stock worth $19,918,000 after buying an additional 59,449 shares in the last quarter. Renaissance Technologies LLC raised its position in 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, State Street Corp raised its position 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 in the last quarter.
Park National Co. (NYSEMKT PRK) traded up 1.52% on Friday, reaching $99.07. 20,292 shares of the company’s stock traded hands. Park National Co. has a 52-week low of $88.31 and a 52-week high of $122.88. The firm has a market capitalization of $1.52 billion, a PE ratio of 17.60 and a beta of 0.85. The firm’s 50 day moving average price is $103.67 and its 200 day moving average price is $105.56.
Park National (NYSEMKT:PRK) last posted its quarterly earnings results on Monday, July 24th. The financial services provider reported $1.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.41 by $0.17. The business had revenue of $79.03 million for the quarter, compared to the consensus estimate of $81.39 million. Park National had a return on equity of 10.94% and a net margin of 26.51%. On average, analysts predict that Park National Co. will post $5.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Wednesday, August 16th. Park National’s payout ratio is presently 72.73%.
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Several research analysts have issued reports on PRK shares. BidaskClub lowered shares of Park National from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Zacks Investment Research lowered shares of Park National from a “hold” rating to a “sell” rating in a research report on Friday, July 28th.
In other news, Director Leon Zazworsky bought 2,000 shares of the stock in a transaction on Monday, July 31st. The stock was purchased at an average price of $98.92 per share, with a total value of $197,840.00. Following the completion of the purchase, the director now owns 5,197 shares of the company’s stock, valued at $514,087.24. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Park National Company Profile
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).
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