Johnson Investment Counsel Inc. Sells 285 Shares of Park National Co. $PRK

Johnson Investment Counsel Inc. cut its stake in Park National Co. (NYSE:PRK) by 10.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,325 shares of the company’s stock after selling 285 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Park National were worth $389,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Livelsberger Financial Advisory purchased a new position in shares of Park National in the second quarter valued at $27,000. GAMMA Investing LLC grew its position in shares of Park National by 199.3% in the first quarter. GAMMA Investing LLC now owns 449 shares of the company’s stock valued at $68,000 after purchasing an additional 299 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Park National in the first quarter valued at $93,000. KBC Group NV grew its position in shares of Park National by 11.6% in the first quarter. KBC Group NV now owns 878 shares of the company’s stock valued at $133,000 after purchasing an additional 91 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Park National in the first quarter valued at $208,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Price Performance

Park National stock opened at $159.43 on Thursday. Park National Co. has a 52 week low of $137.97 and a 52 week high of $207.99. The business has a 50-day simple moving average of $166.44 and a 200 day simple moving average of $162.64. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.12 and a beta of 0.72.

Park National Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 15th were given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, August 15th. Park National’s payout ratio is presently 41.59%.

Analyst Ratings Changes

Separately, Raymond James Financial began coverage on Park National in a research report on Monday, July 21st. They issued a “market perform” rating for the company. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Park National presently has a consensus rating of “Hold” and an average price target of $177.75.

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.