Park National Co. (NYSE:PRK) Shares Sold by SouthState Corp

SouthState Corp reduced its holdings in shares of Park National Co. (NYSE:PRK) by 2.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,141 shares of the company’s stock after selling 59 shares during the quarter. SouthState Corp’s holdings in Park National were worth $360,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRK. Commonwealth Equity Services LLC purchased a new position in shares of Park National in the 2nd quarter valued at approximately $499,000. Quest Partners LLC lifted its stake in shares of Park National by 40,100.0% during the second quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock worth $572,000 after buying an additional 4,010 shares during the period. Arbor Investment Advisors LLC acquired a new position in shares of Park National in the 3rd quarter valued at $687,000. The Manufacturers Life Insurance Company raised its stake in Park National by 5.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock worth $1,198,000 after acquiring an additional 402 shares during the last quarter. Finally, Creekside Partners purchased a new stake in Park National during the 2nd quarter valued at about $579,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

Park National Price Performance

Shares of NYSE:PRK opened at $190.11 on Wednesday. Park National Co. has a twelve month low of $109.65 and a twelve month high of $207.51. The company’s 50 day moving average is $174.46 and its 200 day moving average is $160.04. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.07 billion, a PE ratio of 22.50 and a beta of 0.70.

Park National Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be issued a $0.50 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.00 annualized dividend and a yield of 1.05%. Park National’s dividend payout ratio (DPR) is presently 50.18%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Park National from a “hold” rating to a “sell” rating in a report on Friday, August 23rd.

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.