Park National (NYSE:PRK) Sees Large Volume Increase – Here’s Why

Park National Co. (NYSE:PRK) saw strong trading volume on Tuesday . 40,750 shares traded hands during trading, a decline of 32% from the previous session’s volume of 60,174 shares.The stock last traded at $160.0390 and had previously closed at $162.13.

Wall Street Analysts Forecast Growth

PRK has been the subject of a number of recent research reports. Piper Sandler lowered their target price on Park National from $185.00 to $176.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. Zacks Research lowered shares of Park National from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Keefe, Bruyette & Woods increased their price objective on Park National from $175.00 to $180.00 and gave the stock a “market perform” rating in a report on Wednesday, October 29th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $178.00.

Park National Stock 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 business’s fifty day moving average price is $157.16 and its 200-day moving average price is $163.41. The stock has a market cap of $2.57 billion, a PE ratio of 17.19 and a beta of 0.73.

Park National Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, November 21st. Park National’s payout ratio is currently 39.41%.

Institutional Investors Weigh In On Park National

Several hedge funds and other institutional investors have recently modified their holdings of PRK. Livelsberger Financial Advisory purchased a new stake in Park National in the 2nd quarter worth approximately $27,000. Caldwell Trust Co purchased a new position in shares of Park National during the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake in Park National by 629.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock worth $29,000 after buying an additional 151 shares in the last quarter. CWM LLC raised its holdings in Park National by 66.4% during 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 period. Finally, Quarry LP lifted its position in shares of Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company’s stock valued at $37,000 after acquiring an additional 202 shares in the last quarter. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

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.