Park National (NYSE:PRK) Sets New 12-Month High – Here’s What Happened

Shares of Park National Co. (NYSE:PRK) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $185.65 and last traded at $184.7590, with a volume of 17283 shares changing hands. The stock had previously closed at $182.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PRK shares. Piper Sandler boosted their price objective on Park National from $188.00 to $189.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Zacks Research downgraded Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $184.50.

Park National Stock Performance

The firm’s 50 day moving average price is $173.38 and its two-hundred day moving average price is $167.24. The firm has a market cap of $3.39 billion, a PE ratio of 20.10 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.

Park National Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, May 15th. Park National’s dividend payout ratio is presently 40.33%.

Institutional Investors Weigh In On Park National

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRK. Park National Corp OH lifted its stake in shares of 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 raised its position in Park National by 8.3% in the second 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 period. Jane Street Group LLC lifted its stake in Park National by 3,571.9% during the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after purchasing an additional 48,971 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Park National during the fourth quarter worth $3,204,000. Finally, Tudor Investment Corp ET AL boosted its position in shares of Park National by 52.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 49,267 shares of the company’s stock worth $7,497,000 after buying an additional 16,982 shares during the period. 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.