Intech Investment Management LLC Purchases Shares of 2,088 Park National Co. (NYSE:PRK)

Intech Investment Management LLC purchased a new stake in shares of Park National Co. (NYSE:PRK) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,088 shares of the company’s stock, valued at approximately $351,000.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in shares of Park National by 3.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,468 shares of the company’s stock valued at $2,102,000 after purchasing an additional 521 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in shares of Park National during the 2nd quarter valued at approximately $121,000. Louisiana State Employees Retirement System increased its position in shares of Park National by 1.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,200 shares of the company’s stock valued at $1,025,000 after purchasing an additional 100 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Park National by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 153,579 shares of the company’s stock valued at $21,860,000 after purchasing an additional 1,288 shares during the last quarter. Finally, Commonwealth Equity Services LLC bought a new position in shares of Park National during the 2nd quarter valued at approximately $499,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Park National Stock Performance

Shares of Park National stock opened at $189.14 on Wednesday. Park National Co. has a 52 week low of $114.80 and a 52 week high of $207.99. The company has a market capitalization of $3.06 billion, a PE ratio of 22.38 and a beta of 0.72. The stock’s fifty day moving average is $179.23 and its two-hundred day moving average is $164.19. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s dividend payout ratio is 50.18%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Park National from a “hold” rating to a “sell” rating in a research report on Friday, August 23rd.

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 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.