Colonial Trust Advisors Reduces Stake in Park National Co. (NYSE:PRK)

Colonial Trust Advisors lowered its stake in shares of Park National Co. (NYSE:PRK) by 16.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,119 shares of the company’s stock after selling 608 shares during the period. Colonial Trust Advisors’ holdings in Park National were worth $535,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in Park National by 162.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock valued at $31,000 after purchasing an additional 112 shares during the period. Signaturefd LLC grew its stake in shares of Park National by 9.7% during the 4th quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after acquiring an additional 61 shares during the period. KBC Group NV increased its holdings in Park National by 55.8% in the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after acquiring an additional 282 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Park National in the 4th quarter valued at about $201,000. Finally, Cibc World Markets Corp purchased a new stake in Park National during the fourth quarter valued at about $231,000. Institutional investors own 62.65% of the company’s stock.

Park National Stock Down 7.7 %

Shares of NYSE PRK opened at $141.75 on Friday. The business has a 50-day simple moving average of $158.38 and a two-hundred day simple moving average of $170.70. Park National Co. has a 52 week low of $123.08 and a 52 week high of $207.99. The company has a market cap of $2.29 billion, a P/E ratio of 15.23 and a beta of 0.72. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $4.28 annualized dividend and a yield of 3.02%. This is a boost from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is currently 45.97%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $178.00 target price (down previously from $187.00) on shares of Park National in a research note on Wednesday, January 29th. Piper Sandler assumed coverage on shares of Park National in a research note on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price objective for the company.

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.