Thrivent Financial for Lutherans Sells 179 Shares of Park National Co. (NYSE:PRK)

Thrivent Financial for Lutherans reduced its position in Park National Co. (NYSE:PRK) by 1.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,753 shares of the company’s stock after selling 179 shares during the period. Thrivent Financial for Lutherans’ holdings in Park National were worth $1,974,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PRK. Dimensional Fund Advisors LP raised its stake in Park National by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock worth $70,507,000 after buying an additional 21,221 shares in the last quarter. Arbor Investment Advisors LLC purchased a new position in shares of Park National in the 3rd quarter valued at $687,000. Creekside Partners bought a new position in shares of Park National in the 2nd quarter worth $579,000. Quest Partners LLC lifted its stake in shares of Park National by 40,100.0% during the 2nd quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock worth $572,000 after purchasing an additional 4,010 shares during the last quarter. Finally, Commonwealth Equity Services LLC bought a new stake in Park National during the second quarter valued at about $499,000. 62.65% of the stock is owned by hedge funds and other institutional investors.

Park National Stock Down 1.6 %

Park National stock opened at $192.18 on Friday. The business has a fifty day moving average price of $178.11 and a 200-day moving average price of $162.83. Park National Co. has a 1-year low of $109.65 and a 1-year high of $207.99. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 22.74 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.95.

Park National Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, November 15th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.04%. Park National’s payout ratio is 50.18%.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Park National from a “hold” rating to a “sell” rating in a report on Friday, August 23rd.

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.