Park National Co. $PRK Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC trimmed its stake in Park National Co. (NYSE:PRK) by 27.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,320 shares of the company’s stock after selling 2,387 shares during the period. Intech Investment Management LLC’s holdings in Park National were worth $1,057,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRK. Jane Street Group LLC lifted its position in Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock valued at $7,622,000 after acquiring an additional 48,971 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Park National during the first quarter worth about $5,972,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Park National in the 1st quarter valued at about $2,133,000. Public Sector Pension Investment Board boosted its position in shares of Park National by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 46,104 shares of the company’s stock valued at $6,980,000 after purchasing an additional 9,900 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Park National in the 1st quarter valued at about $1,363,000. 62.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Zacks Research lowered Park National from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods lifted their target price on shares of Park National from $175.00 to $180.00 and gave the company a “market perform” rating in a report on Wednesday, October 29th. Finally, Piper Sandler reduced their price target on shares of Park National from $185.00 to $176.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $178.00.

Park National Trading Down 0.1%

Shares of PRK stock opened at $154.89 on Tuesday. The company has a market capitalization of $2.49 billion, a P/E ratio of 16.64 and a beta of 0.76. 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 business’s 50 day moving average is $158.53 and its two-hundred day moving average is $164.12. Park National Co. has a twelve month low of $137.97 and a twelve month high of $207.99.

Park National Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, November 21st. Park National’s payout ratio is currently 39.41%.

Park National Profile

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.