Park National (NYSE:PRK) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Park National (NYSE:PRK) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Several other analysts also recently weighed in on PRK. Piper Sandler increased their target price on Park National from $176.00 to $183.00 and gave the company a “neutral” rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their price target on Park National from $175.00 to $180.00 and gave the stock a “market perform” rating in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Park National presently has a consensus rating of “Moderate Buy” and an average price target of $181.50.

Park National Price Performance

Shares of Park National stock opened at $174.77 on Wednesday. The firm has a fifty day simple moving average of $160.40 and a 200-day simple moving average of $161.74. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. Park National has a 1-year low of $137.97 and a 1-year high of $179.48. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 18.77 and a beta of 0.74.

Park National Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Friday, February 20th will be paid a dividend of $1.10 per share. The ex-dividend date is Friday, February 20th. This represents a $4.40 dividend on an annualized basis and a yield of 2.5%. Park National’s payout ratio is currently 39.57%.

Institutional Investors Weigh In On Park National

Several institutional investors and hedge funds have recently made changes to their positions in PRK. Caldwell Trust Co bought a new position in Park National during the 2nd quarter valued at about $28,000. EverSource Wealth Advisors LLC grew its stake in Park National by 629.2% during the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock worth $29,000 after buying an additional 151 shares during the last quarter. Danske Bank A S increased its holdings in shares of Park National by 100.0% during the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock worth $30,000 after buying an additional 100 shares in the last quarter. CWM LLC raised its stake in shares of Park National by 66.4% in the second quarter. CWM LLC now owns 223 shares of the company’s stock valued at $37,000 after acquiring an additional 89 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of Park National by 878.3% in the 3rd quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after acquiring an additional 202 shares in the last quarter. Institutional investors and hedge funds own 62.65% of the company’s stock.

Park National Company Profile

Park National Corporation is a bank holding company whose primary subsidiary, The Park National Bank, provides a full suite of commercial and personal banking services. The company’s main business activities include deposit-taking, commercial and industrial lending, mortgage originations and trust and wealth management services. Park National aims to serve the financial needs of businesses, professionals, families and nonprofit organizations across its regional footprint.

Through its subsidiary banks, Park National offers traditional deposit products such as checking and savings accounts, money market accounts and certificates of deposit, alongside loan products including commercial real estate loans, agricultural lending, equipment financing and consumer installment loans.