MTM Investment Management LLC Lowers Holdings in Park National Co. (NYSE:PRK)

MTM Investment Management LLC cut its holdings in Park National Co. (NYSE:PRK) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,725 shares of the company’s stock after selling 215 shares during the period. MTM Investment Management LLC’s holdings in Park National were worth $810,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PRK. Berkshire Money Management Inc. bought a new stake in Park National in the 4th quarter worth approximately $553,000. Colton Groome Financial Advisors LLC bought a new stake in Park National in the 4th quarter worth approximately $236,000. Asset Dedication LLC increased its stake in Park National by 367.4% in the 4th quarter. Asset Dedication LLC now owns 1,636 shares of the company’s stock worth $280,000 after acquiring an additional 1,286 shares during the last quarter. Summit Financial Strategies Inc. increased its stake in Park National by 9.2% in the 4th quarter. Summit Financial Strategies Inc. now owns 10,042 shares of the company’s stock worth $1,721,000 after acquiring an additional 848 shares during the last quarter. Finally, KBC Group NV increased its stake in Park National by 55.8% in the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after acquiring an additional 282 shares during the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $178.00 price objective (down previously from $187.00) on shares of Park National in a research note on Wednesday, January 29th.

Park National Stock Performance

NYSE PRK opened at $167.13 on Thursday. The company has a market cap of $2.70 billion, a P/E ratio of 18.92 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The business’s 50 day moving average price is $174.59 and its 200-day moving average price is $174.32. Park National Co. has a fifty-two week low of $123.08 and a fifty-two week high of $207.99.

Park National Increases Dividend

The business also recently announced 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. The ex-dividend date is Friday, February 14th. This represents a $4.28 annualized dividend and a dividend yield of 2.56%. This is an increase from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is currently 45.54%.

About Park National

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.