Principal Financial Group Inc. Sells 2,390 Shares of Park National Co. (NYSE:PRK)

Principal Financial Group Inc. trimmed its stake in Park National Co. (NYSE:PRK) by 3.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,516 shares of the company’s stock after selling 2,390 shares during the period. Principal Financial Group Inc. owned about 0.42% of Park National worth $11,509,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC acquired a new position in shares of Park National during the second quarter valued at $499,000. Quest Partners LLC lifted its stake in shares of Park National by 40,100.0% during the second quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock valued at $572,000 after acquiring an additional 4,010 shares during the period. Arbor Investment Advisors LLC acquired a new position in shares of Park National during the third quarter valued at $687,000. The Manufacturers Life Insurance Company lifted its stake in shares of Park National by 5.0% during the second quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock valued at $1,198,000 after acquiring an additional 402 shares during the period. Finally, Creekside Partners acquired a new position in shares of Park National during the second quarter valued at $579,000. 62.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Park National Trading Down 0.7 %

NYSE PRK opened at $192.55 on Monday. The stock has a 50-day simple moving average of $173.94 and a 200 day simple moving average of $159.48. The company has a market capitalization of $3.11 billion, a PE ratio of 22.79 and a beta of 0.70. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. Park National Co. has a 12 month low of $109.65 and a 12 month high of $207.51.

Park National Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s dividend payout ratio is currently 50.18%.

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.