State of Alaska Department of Revenue Buys 588 Shares of Park National Co. $PRK

State of Alaska Department of Revenue grew its stake in shares of Park National Co. (NYSE:PRK) by 7.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,647 shares of the company’s stock after purchasing an additional 588 shares during the period. State of Alaska Department of Revenue owned about 0.05% of Park National worth $1,445,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Park National by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 72,418 shares of the company’s stock worth $10,964,000 after purchasing an additional 1,895 shares in the last quarter. GAMMA Investing LLC increased its holdings in Park National by 199.3% during the 1st quarter. GAMMA Investing LLC now owns 449 shares of the company’s stock worth $68,000 after purchasing an additional 299 shares in the last quarter. KBC Group NV increased its holdings in Park National by 11.6% during the 1st quarter. KBC Group NV now owns 878 shares of the company’s stock worth $133,000 after purchasing an additional 91 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in Park National during the 1st quarter worth approximately $250,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Park National during the 1st quarter worth approximately $208,000. 62.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Raymond James Financial initiated coverage on Park National in a 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, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $177.75.

Park National Price Performance

Shares of NYSE PRK opened at $161.48 on Friday. The stock has a fifty day simple moving average of $166.88 and a two-hundred day simple moving average of $162.39. Park National Co. has a 1-year low of $137.97 and a 1-year high of $207.99. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of 17.34 and a beta of 0.72. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, August 15th. Park National’s dividend payout ratio is 41.59%.

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.