Park National (NYSE:PRK) Hits New 1-Year High – Still a Buy?

Park National Co. (NYSE:PRK)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $179.70 and last traded at $177.9510, with a volume of 44927 shares changing hands. The stock had previously closed at $176.00.

Wall Street Analysts Forecast Growth

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

Park National Stock Up 0.8%

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 has a market cap of $3.22 billion, a price-to-earnings ratio of 19.09 and a beta of 0.70. The business has a 50-day simple moving average of $171.00 and a 200-day simple moving average of $165.22.

Park National Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were given a $1.10 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $4.40 dividend on an annualized basis and a yield of 2.5%. Park National’s dividend payout ratio (DPR) is currently 40.33%.

Institutional Investors Weigh In On Park National

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in Park National by 629.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock valued at $29,000 after purchasing an additional 151 shares in the last quarter. Danske Bank A S raised its position in Park National by 100.0% in the 4th quarter. Danske Bank A S now owns 200 shares of the company’s stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Quarry LP raised its position in Park National by 878.3% in the 3rd quarter. Quarry LP now owns 225 shares of the company’s stock valued at $37,000 after purchasing an additional 202 shares in the last quarter. Sarver Vrooman Wealth Advisors acquired a new stake in Park National in the 4th quarter valued at about $46,000. Finally, Steigerwald Gordon & Koch Inc. acquired a new stake in Park National in the 4th quarter valued at about $76,000. 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.