Bank of America Corp DE Lowers Stock Holdings in Park National Co. (NYSE:PRK)

Bank of America Corp DE cut its holdings in Park National Co. (NYSE:PRK) by 9.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,722 shares of the company’s stock after selling 4,728 shares during the quarter. Bank of America Corp DE owned approximately 0.30% of Park National worth $8,181,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. First Trust Advisors LP increased its position in shares of Park National by 77.5% during the fourth quarter. First Trust Advisors LP now owns 160,715 shares of the company’s stock worth $27,551,000 after purchasing an additional 70,170 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Park National by 427.9% in the fourth quarter. JPMorgan Chase & Co. now owns 64,482 shares of the company’s stock valued at $11,054,000 after buying an additional 52,268 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Park National during the fourth quarter worth $3,673,000. Invesco Ltd. boosted its holdings in Park National by 22.8% in the 4th quarter. Invesco Ltd. now owns 107,428 shares of the company’s stock worth $18,416,000 after buying an additional 19,948 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Park National by 161.7% during the third quarter. Barclays PLC now owns 28,528 shares of the company’s stock worth $4,792,000 after purchasing an additional 17,627 shares in the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Piper Sandler started coverage on Park National in a research report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price target for the company. Wall Street Zen downgraded Park National from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods upped their price objective on Park National from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 30th.

Park National Price Performance

PRK stock opened at $162.13 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $153.86 and a 200 day moving average price of $167.37. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 17.41 and a beta of 0.79. Park National Co. has a fifty-two week low of $131.93 and a fifty-two week high of $207.99.

Park National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 16th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, May 16th. Park National’s payout ratio is currently 43.94%.

About Park National

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.