Morgan Stanley lowered its position in Park National Co. (NYSEMKT:PRK) by 12.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,367 shares of the financial services provider’s stock after selling 5,967 shares during the period. Morgan Stanley owned about 0.27% of Park National worth $4,353,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Park National during the fourth quarter worth approximately $17,078,000. Vanguard Group Inc. raised its position in shares of Park National by 5.9% in the first quarter. Vanguard Group Inc. now owns 1,102,857 shares of the financial services provider’s stock worth $116,020,000 after buying an additional 61,073 shares during the last quarter. First Trust Advisors LP raised its position in shares of 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 during the last quarter. Geode Capital Management LLC raised its position in shares of Park National by 10.8% in the first quarter. Geode Capital Management LLC now owns 108,149 shares of the financial services provider’s stock worth $11,377,000 after buying an additional 10,573 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Park National by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 286,128 shares of the financial services provider’s stock worth $30,101,000 after buying an additional 6,417 shares during the last quarter.
Shares of Park National Co. (NYSEMKT PRK) traded down 0.89% during mid-day trading on Friday, hitting $95.99. The stock had a trading volume of 44,858 shares. The firm has a market cap of $1.47 billion, a PE ratio of 17.05 and a beta of 0.85. The stock has a 50 day moving average price of $101.48 and a 200 day moving average price of $104.89. Park National Co. has a 52 week low of $90.34 and a 52 week high of $122.88.
Park National (NYSEMKT:PRK) last posted its quarterly earnings results on Monday, July 24th. The financial services provider reported $1.24 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by $0.17. Park National had a return on equity of 10.94% and a net margin of 26.51%. The business had revenue of $79.03 million for the quarter, compared to analyst estimates of $81.39 million. Equities research analysts expect that Park National Co. will post $5.50 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.92%. Park National’s dividend payout ratio (DPR) is currently 72.73%.
Several research analysts have issued reports on PRK shares. Zacks Investment Research upgraded Park National from a “sell” rating to a “hold” rating in a research note on Friday. BidaskClub lowered Park National from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd.
In other Park National news, Director Leon Zazworsky purchased 2,000 shares of the stock in a transaction dated Monday, July 31st. The stock was bought at an average price of $98.92 per share, with a total value of $197,840.00. Following the acquisition, the director now owns 5,197 shares of the company’s stock, valued at $514,087.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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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