BNP Paribas Arbitrage SA Reduces Position in Park National Co. (PRK)

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BNP Paribas Arbitrage SA decreased its stake in shares of Park National Co. (NYSEAMERICAN:PRK) by 62.6% in the second quarter, Holdings Channel reports. The fund owned 1,060 shares of the financial services provider’s stock after selling 1,772 shares during the period. BNP Paribas Arbitrage SA’s holdings in Park National were worth $118,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Amalgamated Bank bought a new position in Park National during the second quarter valued at $204,000. Cullen Frost Bankers Inc. bought a new position in Park National during the first quarter valued at $228,000. GSA Capital Partners LLP bought a new position in Park National during the first quarter valued at $343,000. Barclays PLC lifted its position in Park National by 51.8% during the first quarter. Barclays PLC now owns 3,448 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 1,177 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its position in Park National by 50.7% during the first quarter. Xact Kapitalforvaltning AB now owns 3,865 shares of the financial services provider’s stock valued at $401,000 after purchasing an additional 1,300 shares during the last quarter.

Several equities research analysts have recently weighed in on the stock. Boenning Scattergood reissued a “hold” rating on shares of Park National in a research note on Wednesday, May 2nd. Zacks Investment Research raised shares of Park National from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Saturday, July 28th.

Shares of PRK opened at $110.09 on Thursday. Park National Co. has a twelve month low of $93.46 and a twelve month high of $119.00.

Park National (NYSEAMERICAN:PRK) last announced its earnings results on Monday, July 23rd. The financial services provider reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.11. Park National had a net margin of 28.22% and a return on equity of 12.74%. The business had revenue of $87.98 million for the quarter, compared to the consensus estimate of $85.50 million.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 17th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Thursday, August 16th.

Park National Profile

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in Ohio and Northern Kentucky. It 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 for individual customers.

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Institutional Ownership by Quarter for Park National (NYSEAMERICAN:PRK)

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