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

Park National Co. (NYSE:PRK)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $182.34 and last traded at $176.03, with a volume of 89862 shares traded. The stock had previously closed at $180.13.

Analyst Ratings Changes

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

Park National Price Performance

The company has a fifty day moving average of $171.56 and a 200-day moving average of $165.52. The firm has a market cap of $3.19 billion, a P/E ratio of 18.91 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95.

Park National Dividend Announcement

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 dividend of $1.10 per share. The ex-dividend date was Friday, May 15th. This represents a $4.40 annualized dividend and a yield of 2.5%. Park National’s dividend payout ratio is 40.33%.

Institutional Investors Weigh In On Park National

Several institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in Park National by 4.0% during the first quarter. Bank of America Corp DE now owns 56,115 shares of the company’s stock worth $9,172,000 after buying an additional 2,161 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Park National by 28.9% during the first quarter. Janus Henderson Group PLC now owns 8,028 shares of the company’s stock worth $1,314,000 after buying an additional 1,800 shares in the last quarter. California State Teachers Retirement System grew its holdings in Park National by 2.3% during the first quarter. California State Teachers Retirement System now owns 15,165 shares of the company’s stock worth $2,479,000 after buying an additional 334 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Park National by 1.3% during the first quarter. The Manufacturers Life Insurance Company now owns 7,409 shares of the company’s stock worth $1,211,000 after buying an additional 93 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in Park National by 251.0% during the first quarter. Quantinno Capital Management LP now owns 17,078 shares of the company’s stock worth $2,792,000 after buying an additional 12,212 shares in the last quarter. Institutional investors own 62.65% of the company’s stock.

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.