Asset Dedication LLC Boosts Stock Position in Park National Co. (NYSE:PRK)

Asset Dedication LLC increased its holdings in shares of Park National Co. (NYSE:PRK) by 367.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,636 shares of the company’s stock after buying an additional 1,286 shares during the period. Asset Dedication LLC’s holdings in Park National were worth $280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in PRK. Barclays PLC increased its stake in shares of Park National by 161.7% during the third quarter. Barclays PLC now owns 28,528 shares of the company’s stock worth $4,792,000 after purchasing an additional 17,627 shares in the last quarter. FMR LLC boosted its holdings in Park National by 729.6% in the 3rd quarter. FMR LLC now owns 7,815 shares of the company’s stock worth $1,313,000 after buying an additional 6,873 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Park National by 42.5% during the third quarter. Jane Street Group LLC now owns 20,225 shares of the company’s stock valued at $3,397,000 after acquiring an additional 6,031 shares during the last quarter. Citigroup Inc. lifted its position in shares of Park National by 30.6% in the third quarter. Citigroup Inc. now owns 23,113 shares of the company’s stock valued at $3,883,000 after acquiring an additional 5,416 shares in the last quarter. Finally, Arbor Investment Advisors LLC purchased a new stake in shares of Park National during the third quarter worth approximately $687,000. Institutional investors and hedge funds own 62.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $178.00 target price (down from $187.00) on shares of Park National in a research report on Wednesday.

Park National Price Performance

NYSE:PRK opened at $171.48 on Thursday. Park National Co. has a one year low of $123.08 and a one year high of $207.99. The stock has a market cap of $2.77 billion, a PE ratio of 20.29 and a beta of 0.74. The stock has a 50 day moving average price of $179.09 and a 200 day moving average price of $174.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95.

Park National Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is presently 50.18%.

Park National Company Profile

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.