Allworth Financial LP Sells 666 Shares of Park National Co. (NYSE:PRK)

Allworth Financial LP trimmed its position in Park National Co. (NYSE:PRK) by 49.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 668 shares of the company’s stock after selling 666 shares during the period. Allworth Financial LP’s holdings in Park National were worth $112,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. State Street Corp raised its position in Park National by 0.5% during the 3rd 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 raised its position in shares of Park National by 1.0% in the 3rd 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. raised its position in shares of Park National by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock worth $30,164,000 after acquiring an additional 2,119 shares in the last quarter. Barclays PLC raised its position 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 acquiring an additional 17,627 shares in the last quarter. Finally, Citigroup Inc. raised its position in shares of Park National by 30.6% in the 3rd quarter. Citigroup Inc. now owns 23,113 shares of the company’s stock worth $3,883,000 after acquiring an additional 5,416 shares in the last quarter. 62.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Park National Stock Performance

Shares of Park National stock opened at $163.24 on Monday. Park National Co. has a one year low of $123.08 and a one year high of $207.99. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 17.53 and a beta of 0.73. The business has a 50-day simple moving average of $171.08 and a 200 day simple moving average of $174.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95.

Park National Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.07 per share. The ex-dividend date is Friday, February 14th. This represents a $4.28 dividend on an annualized basis and a yield of 2.62%. This is an increase from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is 45.97%.

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.