Park National (NYSE:PRK) Sets New 1-Year High – Here’s Why

Park National Co. (NYSE:PRK)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $182.53 and last traded at $184.00, with a volume of 8053 shares changing hands. The stock had previously closed at $180.83.

Analyst Ratings Changes

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

Park National Stock Performance

The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 19.56 and a beta of 0.70. The company’s 50 day simple moving average is $172.54 and its 200 day simple moving average is $166.59. 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 Dividend Announcement

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

Hedge Funds Weigh In On Park National

Several hedge funds have recently modified their holdings of PRK. EverSource Wealth Advisors LLC raised its stake in shares of 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. Danske Bank A S grew its holdings in Park National by 100.0% during the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock worth $30,000 after acquiring an additional 100 shares during the period. Quarry LP grew its holdings in Park National by 878.3% during the third quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after acquiring an additional 202 shares during the period. Sarver Vrooman Wealth Advisors bought a new stake in Park National in the fourth quarter worth about $46,000. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in Park National in the fourth quarter worth about $76,000. 62.65% of the stock is currently owned by institutional investors and hedge funds.

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.