Park National (NYSE:PRK) Hits New 52-Week High – What’s Next?

Park National Co. (NYSE:PRK) shares reached a new 52-week high on Tuesday . The company traded as high as $182.34 and last traded at $176.03, with a volume of 89862 shares. The stock had previously closed at $180.13.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRK. Piper Sandler raised their target price on shares of Park National from $183.00 to $188.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Zacks Research lowered shares of Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $184.00.

Park National Trading Down 2.2%

The stock has a market cap of $3.14 billion, a PE ratio of 18.62 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The company’s 50-day moving average price is $171.95 and its 200 day moving average price is $165.81.

Park National Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 15th. Park National’s payout ratio is presently 40.33%.

Institutional Trading of Park National

Several institutional investors have recently made changes to their positions in the company. Park National Corp OH increased its holdings in Park National by 9.8% in the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock valued at $188,942,000 after purchasing an additional 103,142 shares during the last quarter. State Street Corp increased its holdings in Park National by 8.3% in the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after purchasing an additional 51,381 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Park National by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock valued at $84,570,000 after purchasing an additional 5,859 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Park National by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 116,009 shares of the company’s stock valued at $18,962,000 after purchasing an additional 1,421 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Park National by 14.5% in the 1st quarter. Principal Financial Group Inc. now owns 78,087 shares of the company’s stock valued at $12,763,000 after purchasing an additional 9,865 shares during the last quarter. Hedge funds and other institutional investors 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.