Park National Corp Cuts Salesforce Stake by 12.5% in Q3
Park National Corp OH reduced its stake in Salesforce Inc. (NYSE: CRM) by 12.5% during the third quarter, according to its latest SEC filing. The company sold 23,593 shares, bringing its total holdings to 165,114 shares. Salesforce now represents about 1.0% of Park National Corp OH's investment portfolio, making it the 23rd largest position in their holdings. The value of these shares at the end of the reporting period was $37,905,000.
Other institutional investors also adjusted their positions in Salesforce during the third quarter. Adelphi Trust Co increased its holdings by 2.4%, while Eastern Bank boosted its stake by 5.5%. Polaris Financial Partners acquired a new stake worth approximately $40,000, and CX Institutional lifted its position by 0.9%. Versant Capital Management Inc increased its holdings by 2.8%. Overall, institutional investors and hedge funds own 80.43% of Salesforce's stock.
In related news, Salesforce Director Craig Conway sold 4,500 shares on September 4th at an average price of $260.61, totaling $1,172,745. This transaction reduced his ownership by 45.29%. Conversely, Director David Blair Kirk purchased 4,176 shares on September 18th at an average price of $239.33, valued at $999,442.08, increasing his ownership by 28.66%. Corporate insiders own 3.50% of the company's stock.
Salesforce's stock traded down 2.4% on Monday, reaching $229.09. The company has a market capitalization of $188.54 billion, a PE ratio of 20.90, and a beta of 1.26. Salesforce reported strong quarterly earnings, exceeding analysts' estimates with $5.90 earnings per share and revenue of $11.35 billion. The company also declared a quarterly dividend of $0.44, payable on October 8th, representing an annualized dividend yield of 0.8%.