Park National (NYSEAMERICAN:PRK) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Park National (NYSEAMERICAN:PRK) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Park National Corporation is the bank holding company for The Park National Bank, The Richland Trust Company, Century National Bank, The First-Knox National Bank of Mount Vernon, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co. and The Citizens National Bank of Urbana. “

Separately, Sandler O’Neill set a $99.00 price objective on shares of Park National and gave the company a hold rating in a report on Tuesday, September 24th.

Shares of NYSEAMERICAN PRK traded down $0.13 during midday trading on Wednesday, hitting $96.28. The stock had a trading volume of 659 shares, compared to its average volume of 38,914. Park National has a 52 week low of $79.27 and a 52 week high of $103.69.

Park National (NYSEAMERICAN:PRK) last issued its earnings results on Monday, July 22nd. The financial services provider reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.08). The firm had revenue of $98.66 million for the quarter, compared to analysts’ expectations of $100.63 million.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in shares of Park National by 41.4% during the third quarter. Nisa Investment Advisors LLC now owns 4,170 shares of the financial services provider’s stock valued at $395,000 after purchasing an additional 1,220 shares during the last quarter. Denali Advisors LLC raised its holdings in shares of Park National by 161.6% during the third quarter. Denali Advisors LLC now owns 22,500 shares of the financial services provider’s stock valued at $2,133,000 after purchasing an additional 13,900 shares during the last quarter. Carroll Financial Associates Inc. raised its holdings in shares of Park National by 5,789.5% during the third quarter. Carroll Financial Associates Inc. now owns 1,119 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 1,100 shares during the last quarter. Colonial Trust Advisors purchased a new position in shares of Park National during the second quarter valued at approximately $577,000. Finally, Royal Bank of Canada raised its holdings in shares of Park National by 52.3% during the second quarter. Royal Bank of Canada now owns 632 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 217 shares during the last quarter.

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 Ohio and Northern Kentucky. It 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 for individual customers.

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