Park National Co. (NYSE:PRK) Shares Sold by Blue Trust Inc.

Blue Trust Inc. cut its position in Park National Co. (NYSE:PRK - Free Report) by 65.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,701 shares of the company's stock after selling 3,228 shares during the quarter. Blue Trust Inc.'s holdings in Park National were worth $286,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in Park National by 5.0% in the second 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 period. Algert Global LLC acquired a new stake in Park National during the 2nd quarter worth approximately $231,000. Creative Planning grew its stake in shares of Park National by 13.2% in the 2nd quarter. Creative Planning now owns 4,856 shares of the company's stock valued at $691,000 after purchasing an additional 565 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Park National in the second quarter valued at approximately $285,000. Finally, Contravisory Investment Management Inc. purchased a new stake in shares of Park National during the third quarter worth approximately $227,000. Hedge funds and other institutional investors own 62.65% of the company's stock.

Park National Stock Performance

NYSE PRK traded up $1.66 on Thursday, hitting $172.97. 31,042 shares of the company's stock were exchanged, compared to its average volume of 59,768. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 18.58 and a beta of 0.73. The firm's 50-day moving average price is $176.11 and its two-hundred day moving average price is $174.67. Park National Co. has a fifty-two week low of $123.08 and a fifty-two week high of $207.99. 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 disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors 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 2.47%. The ex-dividend date is Friday, February 14th. This is a positive change from Park National's previous quarterly dividend of $1.06. Park National's dividend payout ratio is currently 45.54%.

Analysts Set New Price Targets

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

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.