Park National Co. (PRK) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Park National Co. (NYSEMKT:PRK) from a hold rating to a sell rating in a report released on Wednesday morning.
According to Zacks, “Park National Corporation is the bank holding company for The Park National Bank, The Richland Trust Company, Century National Bank, The First-Knox National Bank of Mount Vernon, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co. and The Citizens National Bank of Urbana. “
Separately, BidaskClub downgraded Park National from a sell rating to a strong sell rating in a report on Monday, July 24th.
Shares of Park National (PRK) traded down 0.49% on Wednesday, reaching $100.45. 1,437 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $97.16 and its 200-day moving average price is $102.98. The stock has a market cap of $1.54 billion, a P/E ratio of 17.84 and a beta of 0.85. Park National has a 52-week low of $92.42 and a 52-week high of $122.88.
Park National (NYSEMKT:PRK) last announced its quarterly earnings results on Monday, July 24th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.17). The business had revenue of $79.03 million for the quarter, compared to the consensus estimate of $81.39 million. Park National had a net margin of 24.08% and a return on equity of 10.20%. Equities analysts forecast that Park National will post $5.50 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Wednesday, August 16th. Park National’s dividend payout ratio is 72.73%.
In other Park National news, Director Robert E. Oneill bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $97.05 per share, for a total transaction of $194,100.00. Following the completion of the transaction, the director now owns 3,280 shares of the company’s stock, valued at approximately $318,324. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Park National by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 1,102,857 shares of the financial services provider’s stock valued at $116,020,000 after buying an additional 61,073 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Park National by 23,680.4% in the 1st quarter. BlackRock Inc. now owns 859,900 shares of the financial services provider’s stock valued at $90,461,000 after purchasing an additional 856,284 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Park National by 0.5% in the 2nd quarter. Northern Trust Corp now owns 323,024 shares of the financial services provider’s stock valued at $33,504,000 after purchasing an additional 1,688 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Park National by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 289,000 shares of the financial services provider’s stock valued at $29,976,000 after purchasing an additional 2,872 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Park National by 5.8% in the 2nd quarter. State Street Corp now owns 274,129 shares of the financial services provider’s stock valued at $28,432,000 after purchasing an additional 15,146 shares during the last quarter.
About Park National
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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