SouthState Corp Reduces Position in Park National Co. (NYSE:PRK)

SouthState Corp trimmed its stake in Park National Co. (NYSE:PRK) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,141 shares of the company’s stock after selling 59 shares during the period. SouthState Corp’s holdings in Park National were worth $360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Park National by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock valued at $70,507,000 after buying an additional 21,221 shares during the period. Bank of New York Mellon Corp boosted its position in Park National by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 153,579 shares of the company’s stock valued at $21,860,000 after buying an additional 1,288 shares during the period. Public Sector Pension Investment Board boosted its position in Park National by 7.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 31,666 shares of the company’s stock valued at $4,507,000 after buying an additional 2,264 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Park National by 3.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,468 shares of the company’s stock valued at $2,102,000 after buying an additional 521 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in Park National by 6.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 12,975 shares of the company’s stock valued at $1,756,000 after buying an additional 747 shares during the period. 62.65% of the stock is owned by hedge funds and other institutional investors.

Park National Price Performance

Shares of PRK opened at $190.11 on Wednesday. The company has a 50 day moving average price of $174.46 and a 200-day moving average price of $160.04. Park National Co. has a fifty-two week low of $109.65 and a fifty-two week high of $207.51. The stock has a market capitalization of $3.07 billion, a PE ratio of 22.50 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.

Park National Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.00 annualized dividend and a dividend yield of 1.05%. Park National’s payout ratio is presently 50.18%.

Wall Street Analysts Forecast Growth

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