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

Berkshire Money Management Inc. acquired a new position in shares of Park National Co. (NYSE:PRK - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,228 shares of the company's stock, valued at approximately $553,000.

A number of other hedge funds have also added to or reduced their stakes in the business. KBC Group NV increased its stake in shares of Park National by 55.8% during the fourth quarter. KBC Group NV now owns 787 shares of the company's stock worth $135,000 after purchasing an additional 282 shares during the period. Contravisory Investment Management Inc. acquired a new stake in Park National during the third quarter worth about $227,000. PDS Planning Inc bought a new stake in shares of Park National during the 3rd quarter worth $228,000. Algert Global LLC acquired a new position in Park National in the 2nd quarter worth about $231,000. Finally, Colton Groome Financial Advisors LLC acquired a new position in Park National in the 4th quarter valued at approximately $236,000. Institutional investors own 62.65% of the company's stock.

Park National Stock Performance

Shares of PRK stock traded down $3.18 during trading hours on Friday, hitting $169.79. 35,540 shares of the company were exchanged, compared to its average volume of 57,149. Park National Co. has a 52-week low of $123.08 and a 52-week high of $207.99. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a fifty day simple moving average of $175.31 and a 200 day simple moving average of $174.65. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 18.24 and a beta of 0.73.

Park National Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Park National's previous quarterly dividend of $1.06. Park National's payout ratio is presently 45.54%.

Analysts Set New Price Targets

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

Park National 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.