Park National (NYSE:PRK) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Park National Co. (NYSE:PRK) saw unusually-strong trading volume on Tuesday . 66,685 shares changed hands during trading, a decline of 25% from the previous session’s volume of 88,506 shares.The stock last traded at $186.8750 and had previously closed at $187.37.

Analyst Ratings Changes

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

Park National Price Performance

The firm has a market cap of $3.37 billion, a P/E ratio of 20.00 and a beta of 0.69. 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 business has a 50-day moving average of $177.78 and a two-hundred day moving average of $170.21.

Park National Announces Dividend

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

Institutional Investors Weigh In On Park National

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position 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 acquiring an additional 1,147 shares during the period. AQR Capital Management LLC lifted its holdings in shares of 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 purchasing an additional 384 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Park National by 4.3% in 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 purchasing an additional 1,293 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in 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 purchasing an additional 48,971 shares during the period. 62.65% of the stock is currently 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.