Principal Financial Group Inc. Decreases Stock Holdings in Park National Co. (NYSE:PRK)

Principal Financial Group Inc. trimmed its stake in shares of Park National Co. (NYSE:PRK – Get Rating) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 88,465 shares of the company’s stock after selling 753 shares during the period. Principal Financial Group Inc. owned approximately 0.54% of Park National worth $12,451,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Captrust Financial Advisors raised its holdings in shares of Park National by 2.3% during the second quarter. Captrust Financial Advisors now owns 3,759 shares of the company’s stock valued at $456,000 after purchasing an additional 85 shares during the last quarter. FMR LLC increased its holdings in Park National by 1.5% during the second quarter. FMR LLC now owns 5,973 shares of the company’s stock valued at $724,000 after buying an additional 89 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Park National by 1.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 9,420 shares of the company’s stock valued at $1,326,000 after buying an additional 95 shares during the last quarter. Royal Bank of Canada increased its holdings in Park National by 19.8% during the third quarter. Royal Bank of Canada now owns 582 shares of the company’s stock valued at $73,000 after buying an additional 96 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Park National by 0.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 14,617 shares of the company’s stock valued at $1,772,000 after buying an additional 98 shares during the last quarter. 51.82% of the stock is owned by hedge funds and other institutional investors.

Park National Stock Performance

PRK opened at $101.36 on Friday. The firm has a market cap of $1.64 billion, a P/E ratio of 13.04 and a beta of 0.74. Park National Co. has a 1-year low of $99.10 and a 1-year high of $151.59. The company has a 50 day simple moving average of $120.47 and a two-hundred day simple moving average of $131.55. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.86 and a quick ratio of 0.86.

Park National (NYSE:PRK – Get Rating) last posted its quarterly earnings results on Friday, April 21st. The company reported $2.01 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.05). The firm had revenue of $116.59 million during the quarter, compared to the consensus estimate of $119.90 million. Park National had a return on equity of 12.17% and a net margin of 26.68%. Equities analysts forecast that Park National Co. will post 8.28 earnings per share for the current fiscal year.

Park National Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 19th will be given a dividend of $1.05 per share. The ex-dividend date of this dividend is Thursday, May 18th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 4.14%. Park National’s dividend payout ratio is 47.95%.

Insider Buying and Selling

In related news, Director Dan Delawder bought 600 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was purchased at an average price of $104.52 per share, for a total transaction of $62,712.00. Following the completion of the transaction, the director now owns 600 shares in the company, valued at $62,712. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRK has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Park National in a report on Thursday, May 18th. They set a “sell” rating for the company. Piper Sandler cut shares of Park National from a “neutral” rating to an “underweight” rating and set a $103.00 target price for the company. in a report on Monday, May 15th.

Park National Profile

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Park National Corp. is a holding company, which engages in the provision of banking and non-banking financial services through its subsidiaries. It operates through the following segments: Park National Bank (PNB), Guardian Financial Services Company (GFSC), and All Other. The PNB segment provides general banking and trust services in Ohio, Kentucky, North Carolina, and South Carolina.