Illinois Municipal Retirement Fund Cuts Stock Holdings in Park National Co. (NYSE:PRK)

Illinois Municipal Retirement Fund reduced its position in Park National Co. (NYSE:PRK) by 3.1% during the fourth quarter, Holdings Channel reports. The institutional investor 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 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PRK. Barclays PLC boosted its holdings in shares of Park National by 161.7% in the 3rd quarter. Barclays PLC now owns 28,528 shares of the company’s stock valued at $4,792,000 after buying an additional 17,627 shares in the last quarter. Matauro LLC bought a new stake in shares of Park National in the 4th quarter valued at about $2,203,000. FMR LLC boosted its holdings in shares of Park National by 729.6% in the 3rd quarter. FMR LLC now owns 7,815 shares of the company’s stock valued at $1,313,000 after buying an additional 6,873 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Park National by 42.5% in the 3rd quarter. Jane Street Group LLC now owns 20,225 shares of the company’s stock valued at $3,397,000 after buying an additional 6,031 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Park National by 30.6% in the 3rd quarter. Citigroup Inc. now owns 23,113 shares of the company’s stock valued at $3,883,000 after buying an additional 5,416 shares in the last quarter. 62.65% of the stock is currently owned by institutional investors.

Park National Stock Performance

PRK opened at $166.44 on Friday. Park National Co. has a 12-month low of $123.08 and a 12-month 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 market capitalization of $2.69 billion, a PE ratio of 17.88 and a beta of 0.73. The firm has a 50 day moving average of $169.61 and a two-hundred day moving average of $174.34.

Park National Increases Dividend

The firm also recently declared 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. 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. This represents a $4.28 dividend on an annualized basis and a yield of 2.57%. Park National’s dividend payout ratio (DPR) is currently 45.97%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PRK shares. 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. Piper Sandler started coverage on shares of Park National in a research note on Thursday, February 20th. They issued a “neutral” rating and a $185.50 target price for the company.

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.