Illinois Municipal Retirement Fund Trims Stake in Park National Co. (NYSE:PRK)

Illinois Municipal Retirement Fund lowered its position in Park National Co. (NYSE:PRK) by 3.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,759 shares of the company’s stock after selling 252 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Park National were worth $1,330,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC raised its stake in shares of Park National by 4.9% in the third quarter. Nisa Investment Advisors LLC now owns 1,709 shares of the company’s stock valued at $287,000 after acquiring an additional 80 shares during the period. New York State Teachers Retirement System raised its stake in shares of Park National by 3.1% in the third quarter. New York State Teachers Retirement System now owns 3,277 shares of the company’s stock valued at $550,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Park National by 1.5% in the third quarter. PNC Financial Services Group Inc. now owns 8,082 shares of the company’s stock valued at $1,358,000 after acquiring an additional 116 shares during the period. Sanctuary Advisors LLC raised its stake in shares of Park National by 11.3% in the third quarter. Sanctuary Advisors LLC now owns 2,366 shares of the company’s stock valued at $397,000 after acquiring an additional 241 shares during the period. Finally, Advantage Alpha Capital Partners LP raised its stake in shares of Park National by 9.0% in the third quarter. Advantage Alpha Capital Partners LP now owns 3,016 shares of the company’s stock valued at $507,000 after acquiring an additional 249 shares during the period. Hedge funds and other institutional investors own 62.65% of the company’s stock.

Park National Trading Up 2.4 %

PRK stock opened at $166.44 on Friday. The company has a market capitalization of $2.69 billion, a PE ratio of 17.88 and a beta of 0.73. Park National Co. has a 12 month low of $123.08 and a 12 month high of $207.99. The firm’s 50-day moving average is $169.61 and its 200 day moving average is $174.34. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95.

Park National Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.07 per share. This is an increase from Park National’s previous quarterly dividend of $1.06. The ex-dividend date is Friday, February 14th. This represents a $4.28 dividend on an annualized basis and a yield of 2.57%. Park National’s dividend payout ratio (DPR) is 45.97%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRK. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $178.00 price target (down previously from $187.00) on shares of Park National in a research note on Wednesday, January 29th. Piper Sandler began coverage on shares of Park National in a research note on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price target on the stock.

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.