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

Park National Co. (NYSE:PRK) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $190.00 and last traded at $190.3340, with a volume of 30686 shares. The stock had previously closed at $186.06.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRK. Piper Sandler upped their price objective on shares of Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Raymond James Financial assumed coverage on shares of Park National in a research note on Tuesday, July 7th. They set a “market perform” rating on the stock. Finally, Zacks Research cut shares of Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, Park National has an average rating of “Hold” and a consensus price target of $184.50.

Park National Stock Up 2.6%

The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 20.50 and a beta of 0.69. The business has a 50-day moving average of $175.99 and a 200-day moving average of $168.99. 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 business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were given a dividend of $1.10 per share. The ex-dividend date was Friday, May 15th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Park National’s dividend payout ratio (DPR) is currently 40.33%.

Hedge Funds Weigh In On Park National

Several large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in Park National by 59.2% in the 1st quarter. Royal Bank of Canada now owns 3,085 shares of the company’s stock valued at $467,000 after purchasing an additional 1,147 shares during the last quarter. AQR Capital Management LLC lifted its stake in Park National by 27.6% during the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company’s stock worth $619,000 after purchasing an additional 884 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Park National by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company’s stock worth $1,299,000 after purchasing an additional 384 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Park National by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company’s stock worth $4,712,000 after buying an additional 1,293 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock valued at $7,622,000 after buying an additional 48,971 shares in the last quarter. 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.