Park National (NYSE:PRK) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Park National (NYSE:PRK) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Separately, Raymond James Financial assumed coverage on shares of Park National in a research report on Monday, July 21st. They issued a “market perform” rating for the company. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $178.00.

Park National Trading Down 4.6%

NYSE:PRK opened at $151.69 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The firm has a 50-day moving average of $164.68 and a 200-day moving average of $163.56. The company has a market cap of $2.44 billion, a PE ratio of 16.29 and a beta of 0.72. Park National has a one year low of $137.97 and a one year high of $207.99.

Park National Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be given a dividend of $1.25 per share. The ex-dividend date is Friday, November 21st. This represents a $5.00 annualized dividend and a dividend yield of 3.3%. Park National’s dividend payout ratio (DPR) is 41.59%.

Institutional Trading of Park National

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can raised its position in shares of Park National by 2.1% during the 2nd quarter. Bank of Montreal Can now owns 3,072 shares of the company’s stock valued at $514,000 after buying an additional 64 shares in the last quarter. Spreng Capital Management Inc. raised its position in Park National by 5.5% in the 3rd quarter. Spreng Capital Management Inc. now owns 1,445 shares of the company’s stock worth $235,000 after purchasing an additional 75 shares during the period. GAMMA Investing LLC raised its position in Park National by 18.7% in the 2nd quarter. GAMMA Investing LLC now owns 533 shares of the company’s stock worth $89,000 after purchasing an additional 84 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Park National by 3.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,895 shares of the company’s stock worth $463,000 after purchasing an additional 87 shares during the period. Finally, CWM LLC raised its position in Park National by 66.4% in the 2nd quarter. CWM LLC now owns 223 shares of the company’s stock worth $37,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 62.65% of the company’s stock.

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.