Park National (NYSE:PRK) Shares Gap Down – What’s Next?

Park National Co. (NYSE:PRK) gapped down before the market opened on Wednesday . The stock had previously closed at $199.89, but opened at $190.00. Park National shares last traded at $199.6480, with a volume of 18,562 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PRK shares. Raymond James Financial initiated coverage on Park National in a report on Tuesday, July 7th. They issued a “market perform” rating on the stock. Piper Sandler upped their price target on Park National from $189.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods increased their price target on Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Park National has an average rating of “Hold” and an average price target of $211.00.

Park National Price Performance

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 stock has a market cap of $3.60 billion, a PE ratio of 21.42 and a beta of 0.69. The stock’s 50-day moving average is $192.94 and its two-hundred day moving average is $177.28.

Park National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, August 21st. Park National’s dividend payout ratio (DPR) is currently 39.39%.

Institutional Investors Weigh In On Park National

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in Park National by 21,909.5% during the 2nd quarter. California State Teachers Retirement System now owns 3,337,738 shares of the company’s stock worth $610,773,000 after acquiring an additional 3,322,573 shares in the last quarter. BlackRock Inc. purchased a new position in Park National during the 2nd quarter valued at about $473,814,000. Bank of New York Mellon Corp acquired a new position in Park National in the 2nd quarter valued at about $23,652,000. Park National Corp OH increased its stake in Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock worth $188,942,000 after purchasing an additional 103,142 shares during the period. Finally, Bank of America Corp DE purchased a new stake in Park National during the second quarter worth about $9,918,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.

About Park National

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.