PNC Financial Services Group Inc. Grows Position in Park National Co. (NYSEAMERICAN:PRK)

PNC Financial Services Group Inc. raised its holdings in shares of Park National Co. (NYSEAMERICAN:PRK) by 22.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,740 shares of the financial services provider’s stock after purchasing an additional 1,070 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Park National were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRK. Vanguard Group Inc. increased its position in shares of Park National by 2.5% during the second quarter. Vanguard Group Inc. now owns 1,527,710 shares of the financial services provider’s stock valued at $179,384,000 after buying an additional 37,843 shares during the period. State Street Corp increased its position in shares of Park National by 4.8% during the second quarter. State Street Corp now owns 558,724 shares of the financial services provider’s stock valued at $65,605,000 after buying an additional 25,418 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Park National by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 380,323 shares of the financial services provider’s stock worth $44,658,000 after purchasing an additional 2,856 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Park National by 3.5% in the second quarter. Geode Capital Management LLC now owns 245,683 shares of the financial services provider’s stock worth $28,848,000 after purchasing an additional 8,407 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Park National by 4.0% in the second quarter. Bank of New York Mellon Corp now owns 205,287 shares of the financial services provider’s stock worth $24,106,000 after purchasing an additional 7,932 shares during the last quarter. 50.80% of the stock is currently owned by institutional investors and hedge funds.

PRK stock opened at $142.17 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $2.31 billion, a P/E ratio of 14.36 and a beta of 0.79. Park National Co. has a 1-year low of $107.23 and a 1-year high of $145.33.

Park National (NYSEAMERICAN:PRK) last posted its quarterly earnings data on Sunday, October 24th. The financial services provider reported $2.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.14 by $0.02. Park National had a net margin of 33.61% and a return on equity of 15.40%. The company had revenue of $114.01 million for the quarter, compared to analysts’ expectations of $108.91 million. As a group, sell-side analysts predict that Park National Co. will post 9.57 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 10th. Shareholders of record on Friday, November 19th were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, November 18th. Park National’s payout ratio is currently 41.62%.

Separately, Zacks Investment Research cut shares of Park National from a “hold” rating to a “sell” rating in a research report on Thursday, January 6th.

Park National Company Profile

Park National Corp. is a holding company, which engages in the provision of banking and non-banking financial services through its subsidiaries. It operates through the following segments: Park National Bank (PNB), Guardian Financial Services Company (GFSC), and All Other. The PNB segment provides general banking and trust services in Ohio, Kentucky, North Carolina, and South Carolina.

See Also: Preferred Stock

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

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