Park National (NYSE:PRK) Reaches New 12-Month High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler boosted their price objective on Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a research note on Friday. 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 analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $184.50.

Park National Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $172.99 and a 200-day simple moving average of $166.88. The firm has a market cap of $3.33 billion, a PE ratio of 19.78 and a beta of 0.70.

Park National Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 15th. Park National’s dividend payout ratio (DPR) is 40.33%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRK. Royal Bank of Canada grew its holdings in Park National by 59.2% during the 1st quarter. Royal Bank of Canada now owns 3,085 shares of the company’s stock valued at $467,000 after buying an additional 1,147 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Park National by 27.6% in the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company’s stock worth $619,000 after buying an additional 884 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Park National by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company’s stock worth $1,299,000 after buying 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 acquiring an additional 1,293 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Park National by 3,571.9% during the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after acquiring an additional 48,971 shares during the last quarter. 62.65% of the stock is currently owned by 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.