Park National’s (PRK) “Market Perform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of Park National (NYSE:PRK) in a research report sent to investors on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a $178.00 price objective on the stock, down from their prior price objective of $187.00.

Park National Trading Down 0.6 %

Shares of PRK opened at $169.71 on Wednesday. Park National has a 12-month low of $123.08 and a 12-month high of $207.99. The firm has a market capitalization of $2.74 billion, a P/E ratio of 18.23 and a beta of 0.74. The firm has a 50-day moving average price of $177.64 and a 200 day moving average price of $174.59. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.07 per share. This is a boost from Park National’s previous quarterly dividend of $1.06. The ex-dividend date of this dividend is Friday, February 14th. This represents a $4.28 annualized dividend and a yield of 2.52%. Park National’s dividend payout ratio (DPR) is 45.97%.

Hedge Funds Weigh In On Park National

Hedge funds have recently modified their holdings of the business. State Street Corp grew its holdings in shares of Park National by 0.5% in the third quarter. State Street Corp now owns 632,567 shares of the company’s stock valued at $106,259,000 after purchasing an additional 3,318 shares in the last quarter. Geode Capital Management LLC raised its position in Park National by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 334,188 shares of the company’s stock valued at $56,148,000 after purchasing an additional 3,165 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Park National by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock valued at $30,164,000 after buying an additional 2,119 shares during the period. Principal Financial Group Inc. grew its position in shares of Park National by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 70,523 shares of the company’s stock worth $12,090,000 after buying an additional 2,007 shares in the last quarter. Finally, Barclays PLC increased its position in shares of Park National by 161.7% in the 3rd quarter. Barclays PLC now owns 28,528 shares of the company’s stock valued at $4,792,000 after purchasing an additional 17,627 shares during the last quarter. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Company 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.