Connor Clark & Lunn Investment Management Ltd. Invests $208,000 in Park National Co. $PRK

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Park National Co. (NYSE:PRK) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,375 shares of the company’s stock, valued at approximately $208,000.

A number of other institutional investors have also added to or reduced their stakes in PRK. First Trust Advisors LP grew its position in Park National by 77.5% in the 4th 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. GAMMA Investing LLC grew its position in Park National by 45,219.3% in the 1st quarter. GAMMA Investing LLC now owns 67,979 shares of the company’s stock worth $10,292,000 after purchasing an additional 67,829 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Park National in the 4th quarter worth about $3,673,000. Colonial Trust Co SC bought a new stake in Park National in the 4th quarter worth about $2,018,000. Finally, J.W. Cole Advisors Inc. grew its position in Park National by 149.0% in the 1st quarter. J.W. Cole Advisors Inc. now owns 15,986 shares of the company’s stock worth $2,420,000 after purchasing an additional 9,566 shares in the last quarter. 62.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRK. Wall Street Zen downgraded shares of Park National from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods upped their price objective on shares of Park National from $167.00 to $170.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 30th. Finally, Raymond James Financial started coverage on shares of Park National in a research report on Monday, July 21st. They issued a “market perform” rating for the company. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Park National presently has a consensus rating of “Hold” and an average price target of $177.75.

Park National Stock Up 0.2%

Park National stock opened at $167.07 on Thursday. The firm has a 50 day moving average price of $166.95 and a 200-day moving average price of $161.27. The company has a market capitalization of $2.68 billion, a P/E ratio of 17.95 and a beta of 0.76. Park National Co. has a twelve month low of $137.97 and a twelve month high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.28 annualized dividend and a yield of 2.6%. Park National’s dividend payout ratio (DPR) is 41.59%.

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.