Allworth Financial LP Reduces Stock Holdings in Park National Co. (NYSE:PRK)

Allworth Financial LP decreased its position in Park National Co. (NYSE:PRK) by 49.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 SEC filing.

Other institutional investors have also bought and sold shares of the company. KBC Group NV lifted its stake in Park National by 55.8% in the fourth quarter. KBC Group NV now owns 787 shares of the company’s stock valued at $135,000 after purchasing an additional 282 shares during the last quarter. PDS Planning Inc purchased a new position in Park National in the third quarter valued at approximately $228,000. Colton Groome Financial Advisors LLC purchased a new position in Park National in the fourth quarter valued at approximately $236,000. Geneos Wealth Management Inc. bought a new stake in Park National during the 4th quarter valued at $259,000. Finally, CWA Asset Management Group LLC bought a new stake in Park National during the 3rd quarter valued at $263,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Park National Stock Performance

Park National stock opened at $163.24 on Monday. 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 firm has a 50-day moving average of $171.08 and a 200-day moving average of $174.30. The firm has a market cap of $2.64 billion, a P/E ratio of 17.53 and a beta of 0.73. Park National Co. has a 1-year low of $123.08 and a 1-year high of $207.99.

Park National Increases Dividend

The firm also recently announced 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. This is an increase from Park National’s previous quarterly dividend of $1.06. The ex-dividend date of this dividend is Friday, February 14th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.62%. Park National’s dividend payout ratio (DPR) is currently 45.97%.

Wall Street Analyst Weigh In

PRK has been the topic of a number of analyst reports. Piper Sandler initiated coverage on shares of Park National in a report on Thursday. They set a “neutral” rating and a $185.50 target price on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $178.00 target price (down previously from $187.00) on shares of Park National in a report on Wednesday, January 29th.

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.