Principal Financial Group Inc. Sells 2,390 Shares of Park National Co. (NYSE:PRK)

Principal Financial Group Inc. decreased its holdings in shares of Park National Co. (NYSE:PRK) by 3.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 68,516 shares of the company’s stock after selling 2,390 shares during the period. Principal Financial Group Inc.’s holdings in Park National were worth $11,509,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in Park National by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock worth $70,507,000 after acquiring an additional 21,221 shares in the last quarter. Arbor Investment Advisors LLC acquired a new position in shares of Park National during the 3rd quarter worth approximately $687,000. Creekside Partners acquired a new position in shares of Park National during the 2nd quarter worth approximately $579,000. Quest Partners LLC raised its stake in shares of Park National by 40,100.0% during the 2nd quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock worth $572,000 after purchasing an additional 4,010 shares in the last quarter. Finally, Commonwealth Equity Services LLC acquired a new stake in shares of Park National in the 2nd quarter valued at approximately $499,000. Institutional investors own 62.65% of the company’s stock.

Park National Stock Performance

NYSE PRK opened at $192.55 on Monday. The stock has a market cap of $3.11 billion, a PE ratio of 22.79 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a 50-day moving average of $173.94 and a 200-day moving average of $159.48. Park National Co. has a 52-week low of $109.65 and a 52-week high of $207.51.

Park National Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s dividend payout ratio is 50.18%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Park National from a “hold” rating to a “sell” rating in a 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.