Park National (NYSE:PRK) Reaches New 52-Week High – Still a Buy?

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

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Zacks Research cut shares of Park National from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Raymond James Financial initiated coverage on shares of Park National in a research note on Tuesday, July 7th. They set a “market perform” rating on the stock. Finally, Piper Sandler raised their price target 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. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $184.50.

Park National Stock Performance

The stock has a fifty day moving average price of $176.66 and a 200 day moving average price of $169.38. 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 firm has a market cap of $3.43 billion, a price-to-earnings ratio of 20.35 and a beta of 0.69.

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 dividend of $1.10 per share. 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 2.3%. Park National’s payout ratio is currently 40.33%.

Institutional Investors Weigh In On Park National

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL grew its position in Park National by 51.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 32,285 shares of the company’s stock worth $5,247,000 after purchasing an additional 10,935 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Park National by 249.8% in the 4th quarter. SG Americas Securities LLC now owns 6,299 shares of the company’s stock worth $959,000 after acquiring an additional 4,498 shares during the period. UBS Group AG increased its position in shares of Park National by 15.7% during the fourth quarter. UBS Group AG now owns 64,583 shares of the company’s stock valued at $9,828,000 after purchasing an additional 8,777 shares during the period. Berkshire Money Management Inc. acquired a new position in shares of Park National in the fourth quarter valued at $491,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Park National in the 1st quarter valued at $1,160,000. 62.65% of the stock is owned by institutional investors and hedge funds.

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.