Summit Financial Strategies Inc. Acquires New Stake in Park National Co. (PRK)

Summit Financial Strategies Inc. acquired a new stake in shares of Park National Co. (NYSEAMERICAN:PRK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,920 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virginia Retirement Systems ET AL bought a new stake in shares of Park National during the third quarter valued at approximately $205,000. American International Group Inc. increased its position in shares of Park National by 8.1% during the third quarter. American International Group Inc. now owns 8,961 shares of the financial services provider’s stock valued at $968,000 after purchasing an additional 670 shares during the period. Alliance Wealth Management Group bought a new stake in shares of Park National during the third quarter valued at approximately $314,000. Ameriprise Financial Inc. increased its position in shares of Park National by 14.4% during the third quarter. Ameriprise Financial Inc. now owns 9,187 shares of the financial services provider’s stock valued at $993,000 after purchasing an additional 1,155 shares during the period. Finally, Commonwealth Equity Services Inc bought a new stake in shares of Park National during the third quarter valued at approximately $396,000.

Shares of Park National Co. (NYSEAMERICAN PRK) traded up $0.15 during trading hours on Monday, reaching $107.91. The company’s stock had a trading volume of 6,400 shares, compared to its average volume of 30,909. Park National Co. has a 52-week low of $92.42 and a 52-week high of $122.88.

Park National (NYSEAMERICAN:PRK) last announced its quarterly earnings results on Monday, October 23rd. The financial services provider reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.02). The company had revenue of $83.64 million during the quarter, compared to the consensus estimate of $81.14 million. Park National had a net margin of 26.44% and a return on equity of 11.73%.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, November 16th. Park National’s payout ratio is presently 71.08%.

A number of brokerages have weighed in on PRK. Zacks Investment Research upgraded Park National from a “hold” rating to a “buy” rating and set a $124.00 price target on the stock in a research report on Thursday, October 26th. BidaskClub upgraded Park National from a “hold” rating to a “buy” rating in a research report on Friday, September 29th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Park National in a research report on Tuesday, October 24th.

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Park National Company Profile

Park National Corporation (Park) is a financial holding company. Park’s principal business consists of owning and supervising its subsidiaries. Park’s banking operations are conducted through The Park National Bank (Park National Bank). Its segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH).

Institutional Ownership by Quarter for Park National (NYSEAMERICAN:PRK)

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