Huntington National Bank Cuts Position in Park National Co. (NYSE:PRK)

Huntington National Bank lowered its holdings in shares of Park National Co. (NYSE:PRK) by 11.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,040 shares of the company’s stock after selling 269 shares during the quarter. Huntington National Bank’s holdings in Park National were worth $350,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Park National by 0.5% during the 3rd quarter. State Street Corp now owns 632,567 shares of the company’s stock worth $106,259,000 after buying an additional 3,318 shares during the period. Barclays PLC raised its position in Park National by 161.7% during the third quarter. Barclays PLC now owns 28,528 shares of the company’s stock worth $4,792,000 after acquiring an additional 17,627 shares during the period. Franklin Resources Inc. purchased a new position in Park National during the third quarter valued at $591,000. BNP Paribas Financial Markets grew its position in shares of Park National by 39.2% in the third quarter. BNP Paribas Financial Markets now owns 4,062 shares of the company’s stock valued at $682,000 after purchasing an additional 1,144 shares during the period. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Park National during the fourth quarter worth about $259,000. 62.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $178.00 price target (down from $187.00) on shares of Park National in a research note on Wednesday, January 29th. Piper Sandler started coverage on Park National in a research report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 target price on the stock.

Park National Stock Performance

NYSE:PRK opened at $142.71 on Friday. Park National Co. has a twelve month low of $123.08 and a twelve month high of $207.99. The company has a market cap of $2.31 billion, a P/E ratio of 15.33 and a beta of 0.72. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $161.21 and its 200-day moving average price is $171.87.

Park National Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.07 per share. This is a boost from Park National’s previous quarterly dividend of $1.06. This represents a $4.28 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, February 14th. Park National’s payout ratio is currently 45.97%.

About Park National

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.