Park National Co. (NYSE:PRK) Shares Sold by Comerica Bank

Comerica Bank trimmed its stake in Park National Co. (NYSE:PRK) by 2.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,979 shares of the company’s stock after selling 120 shares during the quarter. Comerica Bank’s holdings in Park National were worth $854,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PRK. Signaturefd LLC boosted its stake in Park National by 9.7% in the 4th quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after purchasing an additional 61 shares during the period. Summit Investment Advisors Inc. boosted its position in shares of Park National by 5.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,507 shares of the company’s stock worth $258,000 after buying an additional 82 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Park National by 162.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock valued at $31,000 after buying an additional 112 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Park National by 5.6% during the fourth quarter. Bank of Montreal Can now owns 2,437 shares of the company’s stock valued at $418,000 after buying an additional 130 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Park National by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 3,606 shares of the company’s stock valued at $618,000 after buying an additional 180 shares during the period. 62.65% of the stock is currently owned by institutional investors and hedge funds.

Park National Price Performance

Shares of NYSE:PRK opened at $168.68 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. Park National Co. has a 1 year low of $131.93 and a 1 year high of $207.99. The business has a fifty day simple moving average of $151.79 and a 200 day simple moving average of $168.17. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 18.12 and a beta of 0.79.

Park National Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 16th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, May 16th. Park National’s payout ratio is currently 43.94%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRK. Piper Sandler started coverage on Park National in a research report on Thursday, February 20th. They set a “neutral” rating and a $185.50 price objective for the company. StockNews.com upgraded shares of Park National from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Park National from $167.00 to $170.00 and gave the company a “market perform” rating in a research report on Wednesday, April 30th.

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.