Franklin Resources Inc. Invests $591,000 in Park National Co. (NYSE:PRK)

Franklin Resources Inc. purchased a new stake in shares of Park National Co. (NYSE:PRK) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,426 shares of the company’s stock, valued at approximately $591,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRK. State Street Corp boosted its holdings 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 valued at $106,259,000 after buying an additional 3,318 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Park National by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock valued at $70,507,000 after acquiring an additional 21,221 shares during the period. Geode Capital Management LLC boosted its stake in Park National by 1.0% during the third quarter. Geode Capital Management LLC now owns 334,188 shares of the company’s stock worth $56,148,000 after acquiring an additional 3,165 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Park National by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock worth $30,164,000 after purchasing an additional 2,119 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Park National by 0.8% during the second 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. 62.65% of the stock is owned by hedge funds and other institutional investors.

Park National Stock Performance

Shares of PRK opened at $172.15 on Tuesday. Park National Co. has a 52 week low of $123.08 and a 52 week high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.78 billion, a P/E ratio of 20.37 and a beta of 0.72. The business’s 50 day moving average price is $184.60 and its 200-day moving average price is $170.27.

Park National Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.00 annualized dividend and a dividend yield of 1.16%. Park National’s payout ratio is presently 50.18%.

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.