Rafferty Asset Management LLC Sells 538 Shares of Park National Co. (NYSE:PRK)

Rafferty Asset Management LLC decreased its position in Park National Co. (NYSE:PRK) by 5.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,187 shares of the company’s stock after selling 538 shares during the quarter. Rafferty Asset Management LLC owned 0.06% of Park National worth $1,746,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in Park National by 427.9% in the 4th quarter. JPMorgan Chase & Co. now owns 64,482 shares of the company’s stock worth $11,054,000 after buying an additional 52,268 shares during the last quarter. Barclays PLC lifted its position in Park National by 161.7% in the 3rd quarter. Barclays PLC now owns 28,528 shares of the company’s stock worth $4,792,000 after buying an additional 17,627 shares during the last quarter. Franklin Resources Inc. bought a new stake in Park National in the 3rd quarter worth approximately $591,000. Geneos Wealth Management Inc. bought a new stake in Park National in the fourth quarter valued at approximately $259,000. Finally, Janney Montgomery Scott LLC lifted its position in Park National by 236.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 5,124 shares of the company’s stock valued at $878,000 after purchasing an additional 3,599 shares during the last quarter. Institutional investors own 62.65% of the company’s stock.

Wall Street Analyst Weigh In

PRK has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price objective on Park National from $167.00 to $170.00 and gave the company a “market perform” rating in a research report on Wednesday, April 30th. StockNews.com downgraded Park National from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Piper Sandler initiated coverage on Park National in a research report on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price objective for the company.

Park National Price Performance

PRK opened at $169.81 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. Park National Co. has a 52-week low of $131.93 and a 52-week high of $207.99. The stock has a market capitalization of $2.75 billion, a PE ratio of 18.24 and a beta of 0.79. The stock’s 50 day moving average price is $153.42 and its 200-day moving average price is $167.99.

Park National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 16th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $4.28 annualized dividend and a yield of 2.52%. Park National’s payout ratio is 43.94%.

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.