Berkshire Money Management Inc. Invests $553,000 in Park National Co. (NYSE:PRK)

Berkshire Money Management Inc. purchased a new position in Park National Co. (NYSE:PRK) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 3,228 shares of the company’s stock, valued at approximately $553,000.

Other hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake in Park National by 5.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock valued at $1,198,000 after purchasing an additional 402 shares during the last quarter. Algert Global LLC acquired a new position in Park National in the 2nd quarter worth approximately $231,000. Creative Planning lifted its stake in Park National by 13.2% during the 2nd quarter. Creative Planning now owns 4,856 shares of the company’s stock valued at $691,000 after acquiring an additional 565 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Park National in the 2nd quarter valued at $285,000. Finally, Contravisory Investment Management Inc. acquired a new stake in shares of Park National in the third quarter worth $227,000. Institutional investors and hedge funds own 62.65% of the company’s stock.

Wall Street Analyst Weigh In

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

Park National Stock Performance

Shares of NYSE PRK opened at $170.03 on Wednesday. Park National Co. has a 1 year low of $123.08 and a 1 year high of $207.99. 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 company’s fifty day moving average price is $176.53 and its 200 day moving average price is $174.69. The company has a market capitalization of $2.75 billion, a PE ratio of 18.57 and a beta of 0.73.

Park National Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a $1.07 dividend. The ex-dividend date is Friday, February 14th. This is a boost from Park National’s previous quarterly dividend of $1.06. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.52%. Park National’s payout ratio is 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.