Morgan Stanley Reduces Stake in Park National Co. (PRK)
Morgan Stanley lowered its position in Park National Co. (NYSEMKT:PRK) by 12.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,367 shares of the financial services provider’s stock after selling 5,967 shares during the period. Morgan Stanley’s holdings in Park National were worth $4,353,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of PRK. Ameritas Investment Partners Inc. purchased a new stake in shares of Park National during the first quarter worth $121,000. Creative Planning raised its stake in shares of Park National by 123.3% in the first quarter. Creative Planning now owns 1,992 shares of the financial services provider’s stock worth $210,000 after buying an additional 1,100 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Park National during the first quarter worth $247,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Park National by 0.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,540 shares of the financial services provider’s stock worth $372,000 after buying an additional 13 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in Park National during the first quarter worth approximately $379,000.
Park National Co. (PRK) traded down 0.89% during midday trading on Friday, hitting $95.99. The company’s stock had a trading volume of 44,858 shares. The stock has a 50 day moving average of $101.48 and a 200 day moving average of $104.89. The company has a market cap of $1.47 billion, a PE ratio of 17.05 and a beta of 0.85. Park National Co. has a 52-week low of $90.34 and a 52-week high of $122.88.
Park National (NYSEMKT:PRK) last released its quarterly earnings data on Monday, July 24th. The financial services provider reported $1.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.41 by $0.17. The company had revenue of $79.03 million during the quarter, compared to analysts’ expectations of $81.39 million. Park National had a return on equity of 10.94% and a net margin of 26.51%. On average, equities analysts expect that Park National Co. will post $5.50 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $3.76 annualized dividend and a dividend yield of 3.92%. Park National’s dividend payout ratio is currently 72.73%.
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PRK has been the topic of a number of analyst reports. Zacks Investment Research lowered Park National from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. BidaskClub lowered Park National from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd.
In related news, Director Leon Zazworsky acquired 2,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were purchased at an average price of $98.92 per share, for a total transaction of $197,840.00. Following the completion of the acquisition, the director now owns 5,197 shares in the company, valued at $514,087.24. The purchase was disclosed in a filing with the SEC, which is available at this link.
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).
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