Park National (NYSE:PRK) Hits New 52-Week High – Here’s Why

Park National Co. (NYSE:PRK)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $185.65 and last traded at $184.7590, with a volume of 17283 shares changing hands. The stock had previously closed at $182.99.

Analyst Ratings Changes

PRK has been the topic of a number of recent analyst reports. Zacks Research lowered shares of Park National from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. Piper Sandler boosted their price objective on shares of Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $184.50.

Park National Trading Down 0.4%

The firm has a market cap of $3.37 billion, a PE ratio of 20.02 and a beta of 0.70. The firm has a fifty day simple moving average of $173.90 and a two-hundred day simple moving average of $167.56. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ballentine Partners LLC boosted its holdings in shares of Park National by 3.2% in the fourth quarter. Ballentine Partners LLC now owns 2,090 shares of the company’s stock worth $318,000 after buying an additional 64 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Park National by 3.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,926 shares of the company’s stock valued at $293,000 after buying an additional 66 shares during the last quarter. GAMMA Investing LLC increased its holdings in Park National by 13.4% during the fourth quarter. GAMMA Investing LLC now owns 628 shares of the company’s stock valued at $96,000 after buying an additional 74 shares during the last quarter. Sanctuary Advisors LLC raised its position in Park National by 2.6% in the first quarter. Sanctuary Advisors LLC now owns 3,489 shares of the company’s stock worth $570,000 after acquiring an additional 87 shares during the period. Finally, LPL Financial LLC raised its position in Park National by 0.9% in the fourth quarter. LPL Financial LLC now owns 10,844 shares of the company’s stock worth $1,650,000 after acquiring an additional 92 shares during the period. 62.65% of the stock is currently owned by institutional investors.

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.