Alps Advisors Inc. Buys New Holdings in Park National Co. (PRK)

Alps Advisors Inc. bought a new position in shares of Park National Co. (NYSEAMERICAN:PRK) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,491 shares of the financial services provider’s stock, valued at approximately $474,000.

A number of other large investors have also recently added to or reduced their stakes in PRK. Russell Investments Group Ltd. grew its holdings in Park National by 4.2% during the first quarter. Russell Investments Group Ltd. now owns 11,403 shares of the financial services provider’s stock worth $1,183,000 after acquiring an additional 456 shares during the period. Amalgamated Bank purchased a new position in Park National in the 2nd quarter worth about $204,000. Bessemer Group Inc. increased its stake in Park National by 0.9% in the 2nd quarter. Bessemer Group Inc. now owns 63,588 shares of the financial services provider’s stock worth $7,085,000 after purchasing an additional 560 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Park National by 9.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 5,682 shares of the financial services provider’s stock worth $633,000 after purchasing an additional 485 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Park National by 0.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 102,391 shares of the financial services provider’s stock worth $11,409,000 after purchasing an additional 461 shares in the last quarter.

Shares of PRK opened at $94.93 on Friday. Park National Co. has a 1-year low of $84.60 and a 1-year high of $119.00.

Park National (NYSEAMERICAN:PRK) last issued its quarterly earnings results on Monday, October 22nd. The financial services provider reported $1.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.70 by ($0.14). The company had revenue of $91.74 million during the quarter, compared to analysts’ expectations of $90.46 million.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $3.84 dividend on an annualized basis and a yield of 4.05%.

A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Park National from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Saturday, July 28th. Boenning Scattergood reissued a “hold” rating on shares of Park National in a research note on Wednesday, October 24th.

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Park National Profile

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in Ohio and Northern Kentucky. It 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 for individual customers.

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Institutional Ownership by Quarter for Park National (NYSEAMERICAN:PRK)

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