Park National (NYSE:PRK) Sets New 12-Month High – Still a Buy?

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

Wall Street Analyst Weigh In

A number of analysts recently commented on PRK shares. Zacks Research downgraded shares of Park National from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. Piper Sandler raised their target price on shares of Park National from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $184.00.

Park National Stock Performance

The firm’s 50-day moving average price is $172.54 and its two-hundred day moving average price is $166.59. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.30 billion, a PE ratio of 19.56 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. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.4%. Park National’s dividend payout ratio is presently 40.33%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in Park National by 629.2% during the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock valued at $29,000 after buying an additional 151 shares during the period. Danske Bank A S boosted its position in Park National by 100.0% during the 4th quarter. Danske Bank A S now owns 200 shares of the company’s stock worth $30,000 after acquiring an additional 100 shares during the period. Quarry LP boosted its position in Park National by 878.3% during the 3rd quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after acquiring an additional 202 shares during the period. Sarver Vrooman Wealth Advisors purchased a new position in Park National during the 4th quarter valued at about $46,000. Finally, Steigerwald Gordon & Koch Inc. purchased a new position in Park National during the 4th quarter valued at about $76,000. Hedge funds and other institutional investors own 62.65% of the company’s stock.

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.