Park National (PRK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Park National (NYSEAMERICAN:PRK) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $116.00 price objective on the financial services provider’s stock.

According to Zacks, “Park National Corporation is the bank holding company for The Park National Bank, The Richland Trust Company, Century National Bank, The First-Knox National Bank of Mount Vernon, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co. and The Citizens National Bank of Urbana. “

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NYSEAMERICAN:PRK opened at $103.15 on Tuesday. Park National has a one year low of $92.42 and a one year high of $116.75.

Park National (NYSEAMERICAN:PRK) last released its quarterly earnings results on Monday, January 22nd. The financial services provider reported $1.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by ($0.03). Park National had a return on equity of 12.74% and a net margin of 28.22%. The business had revenue of $85.27 million during the quarter, compared to analyst estimates of $84.71 million.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 16th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Thursday, February 15th.

In related news, Director Robert E. Oneill sold 368 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $103.13, for a total value of $37,951.84. Following the transaction, the director now owns 7,330 shares in the company, valued at $755,942.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Several large investors have recently added to or reduced their stakes in the stock. Summit Financial Strategies Inc. lifted its stake in shares of Park National by 24.8% in the fourth quarter. Summit Financial Strategies Inc. now owns 2,396 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 476 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Park National by 6.4% in the fourth quarter. Victory Capital Management Inc. now owns 9,052 shares of the financial services provider’s stock valued at $941,000 after buying an additional 548 shares during the last quarter. American International Group Inc. increased its holdings in Park National by 8.1% in the third quarter. American International Group Inc. now owns 8,961 shares of the financial services provider’s stock valued at $968,000 after buying an additional 670 shares during the last quarter. Geode Capital Management LLC increased its holdings in Park National by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 114,250 shares of the financial services provider’s stock valued at $11,881,000 after buying an additional 839 shares during the last quarter. Finally, Asset Dedication LLC increased its holdings in Park National by 273.1% in the fourth quarter. Asset Dedication LLC now owns 1,306 shares of the financial services provider’s stock valued at $135,000 after buying an additional 956 shares during the last quarter.

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About Park National

Park National Corporation (Park) is a financial holding company. Park’s principal business consists of owning and supervising its subsidiaries. Park’s banking operations are conducted through The Park National Bank (Park National Bank). Its segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH).

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