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

Bank of New York Mellon Corp reduced its stake in shares of Park National Co. (NYSE:PRK) by 4.0% in the first quarter, Holdings Channel reports. The firm owned 122,112 shares of the company’s stock after selling 5,126 shares during the period. Bank of New York Mellon Corp’s holdings in Park National were worth $18,488,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PRK. GAMMA Investing LLC boosted its stake in shares of Park National by 199.3% during the first quarter. GAMMA Investing LLC now owns 449 shares of the company’s stock valued at $68,000 after purchasing an additional 299 shares during the period. Sterling Capital Management LLC lifted its stake in Park National by 808.0% in the fourth quarter. Sterling Capital Management LLC now owns 454 shares of the company’s stock worth $78,000 after acquiring an additional 404 shares during the period. Signaturefd LLC lifted its stake in Park National by 9.7% in the fourth quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after acquiring an additional 61 shares during the period. KBC Group NV lifted its stake in Park National by 11.6% in the first quarter. KBC Group NV now owns 878 shares of the company’s stock worth $133,000 after acquiring an additional 91 shares during the period. Finally, CoreCap Advisors LLC lifted its stake in Park National by 801.4% in the fourth quarter. CoreCap Advisors LLC now owns 1,244 shares of the company’s stock worth $213,000 after acquiring an additional 1,106 shares during the period. 62.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on PRK shares. Keefe, Bruyette & Woods increased their price target 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. Wall Street Zen cut shares of Park National from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st.

Park National Trading Down 0.9%

Shares of PRK stock opened at $170.72 on Friday. The stock’s fifty day moving average is $166.62 and its two-hundred day moving average is $162.04. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The firm has a market capitalization of $2.76 billion, a P/E ratio of 18.34 and a beta of 0.82. Park National Co. has a fifty-two week low of $137.97 and a fifty-two week high of $207.99.

Park National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 16th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Friday, May 16th. Park National’s dividend payout ratio (DPR) is presently 43.94%.

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.