Intech Investment Management LLC Purchases Shares of 2,088 Park National Co. (NYSE:PRK)

Intech Investment Management LLC bought a new position in shares of Park National Co. (NYSE:PRK) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,088 shares of the company’s stock, valued at approximately $351,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its holdings in Park National by 3.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,468 shares of the company’s stock valued at $2,102,000 after purchasing an additional 521 shares during the period. MFA Wealth Advisors LLC purchased a new position in shares of Park National in the second quarter valued at approximately $121,000. Louisiana State Employees Retirement System lifted its position in shares of Park National by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 7,200 shares of the company’s stock valued at $1,025,000 after acquiring an additional 100 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Park National by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 153,579 shares of the company’s stock valued at $21,860,000 after acquiring an additional 1,288 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Park National in the second quarter valued at approximately $499,000. 62.65% of the stock is owned by institutional investors and hedge funds.

Park National Price Performance

PRK stock opened at $189.14 on Wednesday. The business has a fifty day moving average of $179.23 and a two-hundred day moving average of $164.19. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 22.38 and a beta of 0.72. Park National Co. has a 52-week low of $114.80 and a 52-week high of $207.99.

Park National Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.06%. Park National’s payout ratio is presently 50.18%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Park National from a “hold” rating to a “sell” rating in a research report on Friday, August 23rd.

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.