Park National (NYSE:PRK) Stock Price Breaks Below 200-Day Moving Average – Here’s Why

Shares of Park National Co. (NYSE:PRK) passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $177.76 and traded as low as $170.54. Park National shares last traded at $175.58, with a volume of 112,720 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRK. Piper Sandler reduced their target price on Park National from $217.00 to $201.00 and set a “neutral” rating on the stock in a report on Wednesday. National Bank Financial set a $190.00 target price on Park National in a research report on Friday, September 25th. Keefe, Bruyette & Woods raised their target price on shares of Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Raymond James Financial assumed coverage on shares of Park National in a research report on Tuesday, July 7th. They issued a “market perform” rating on the stock. Finally, Hovde Group started coverage on shares of Park National in a research note on Friday, September 25th. They set a “market perform” rating and a $190.00 price target on the stock. Five equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Park National has an average rating of “Hold” and a consensus target price of $196.50.

Park National Stock Down 3.1%

The company has a 50-day simple moving average of $184.74 and a 200 day simple moving average of $177.76. 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 company has a market cap of $3.17 billion, a P/E ratio of 18.86 and a beta of 0.72.

Park National Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be issued a dividend of $1.30 per share. This is an increase from Park National’s previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, November 20th. Park National’s dividend payout ratio (DPR) is currently 38.66%.

Institutional Trading of Park National

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Park National during the 2nd quarter worth approximately $473,814,000. Park National Corp OH lifted its position in Park National by 1.6% during the third quarter. Park National Corp OH now owns 1,145,746 shares of the company’s stock valued at $204,699,000 after acquiring an additional 17,824 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Park National by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock valued at $84,570,000 after acquiring an additional 5,859 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Park National in the second quarter valued at approximately $23,652,000. Finally, Principal Financial Group Inc. boosted its stake in Park National by 14.5% in the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company’s stock valued at $12,763,000 after acquiring an additional 9,865 shares in the last quarter. Institutional investors own 62.65% of the company’s stock.

Park National Company Profile

Park National Corporation is a bank holding company headquartered in Newark, Ohio. Its principal subsidiary, The Park National Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

The bank offers deposit accounts, residential and commercial lending, mortgage services, treasury management, online and mobile banking, and other personal and business financial solutions. Through its wealth management and trust operations, it also provides investment management, fiduciary, retirement and estate-planning services.