Bank of New York Mellon Corp Cuts Position in Park National Co. (NYSE:PRK)

Bank of New York Mellon Corp decreased its position in shares of Park National Co. (NYSE:PRK) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 127,238 shares of the company’s stock after selling 12,762 shares during the quarter. Bank of New York Mellon Corp owned 0.79% of Park National worth $21,812,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its holdings in Park National by 0.5% in the third quarter. State Street Corp now owns 632,567 shares of the company’s stock worth $106,259,000 after purchasing an additional 3,318 shares during the last quarter. Geode Capital Management LLC grew 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 valued at $56,148,000 after acquiring an additional 3,165 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Park National by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock valued at $30,164,000 after acquiring an additional 2,119 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Park National by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 70,523 shares of the company’s stock worth $12,090,000 after buying an additional 2,007 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of Park National by 161.7% in the 3rd quarter. Barclays PLC now owns 28,528 shares of the company’s stock worth $4,792,000 after buying an additional 17,627 shares in the last quarter. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Analyst Ratings Changes

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

Park National Stock Down 3.8 %

NYSE:PRK opened at $151.70 on Tuesday. The company has a market cap of $2.45 billion, a PE ratio of 16.29 and a beta of 0.72. Park National Co. has a twelve month low of $123.08 and a twelve month high of $207.99. 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 is $167.70 and its two-hundred day moving average is $174.25.

Park National Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a $1.07 dividend. This is an increase from Park National’s previous quarterly dividend of $1.06. This represents a $4.28 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Friday, February 14th. Park National’s dividend payout ratio is 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.