Park National Co. (PRK) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of Park National Co. (NYSEAMERICAN:PRK) from a buy rating to a hold rating in a research report sent to investors on Saturday 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. “

Several other brokerages have also recently commented on PRK. BidaskClub cut shares of Park National from a sell rating to a strong sell rating in a report on Monday, July 24th. Boenning Scattergood reaffirmed a hold rating on shares of Park National in a report on Tuesday, October 24th.

Shares of Park National (PRK) traded down $0.10 on Friday, hitting $105.93. 10,832 shares of the stock traded hands, compared to its average volume of 19,781. Park National has a 12 month low of $92.42 and a 12 month high of $122.88.

Park National (NYSEAMERICAN:PRK) last announced its earnings results on Monday, October 23rd. The financial services provider reported $1.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.46 by ($0.02). Park National had a return on equity of 11.73% and a net margin of 26.44%. The business had revenue of $83.64 million for the quarter, compared to the consensus estimate of $81.14 million.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 17th will be issued a dividend of $0.94 per share. The ex-dividend date is Thursday, November 16th. This represents a $3.76 annualized dividend and a dividend yield of 3.55%. Park National’s dividend payout ratio is presently 53.31%.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can increased its stake in Park National by 33.1% in the second quarter. Bank of Montreal Can now owns 1,374 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 342 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in Park National in the third quarter valued at approximately $205,000. Summit Financial Strategies Inc. bought a new position in Park National in the third quarter valued at approximately $207,000. BNP Paribas Arbitrage SA increased its stake in Park National by 252.3% in the second quarter. BNP Paribas Arbitrage SA now owns 2,332 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 1,670 shares during the last quarter. Finally, Alliance Wealth Management Group bought a new position in Park National in the third quarter valued at approximately $314,000.

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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