Park National (NYSE:PRK) Shares Gap Up Following Dividend Announcement

Park National Co. (NYSE:PRK)’s share price gapped up prior to trading on Monday after the company announced a dividend. The stock had previously closed at $128.01, but opened at $131.88. Park National shares last traded at $131.27, with a volume of 9,074 shares changing hands.

The newly announced dividend which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be given a dividend of $1.06 per share. This represents a $4.24 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Thursday, May 16th. Park National’s dividend payout ratio is presently 53.67%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PRK shares. StockNews.com raised shares of Park National from a “sell” rating to a “hold” rating in a research report on Monday. Piper Sandler started coverage on shares of Park National in a research report on Friday, February 23rd. They set a “neutral” rating and a $130.00 price target for the company.

Park National Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $2.18 billion, a PE ratio of 15.98 and a beta of 0.70. The firm’s fifty day moving average price is $129.75 and its two-hundred day moving average price is $122.68.

Park National (NYSE:PRK) last posted its earnings results on Monday, January 22nd. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.09. Park National had a net margin of 22.03% and a return on equity of 12.28%. The firm had revenue of $140.73 million during the quarter, compared to analyst estimates of $119.14 million. As a group, equities research analysts forecast that Park National Co. will post 7.6 EPS for the current year.

Institutional Investors Weigh In On Park National

A number of institutional investors have recently added to or reduced their stakes in the stock. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Park National during the 4th quarter worth $31,000. Numerai GP LLC purchased a new stake in Park National during the third quarter worth about $200,000. CWA Asset Management Group LLC purchased a new stake in Park National during the fourth quarter worth about $208,000. Nisa Investment Advisors LLC increased its stake in Park National by 60.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,609 shares of the company’s stock worth $214,000 after purchasing an additional 609 shares during the period. Finally, FORVIS Wealth Advisors LLC purchased a new stake in Park National during the fourth quarter worth about $238,000. Institutional investors and hedge funds own 62.65% of the company’s stock.

Park National Company Profile

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in small and medium population areas. The company offers deposits for demand, savings, and time accounts; trust and wealth management services; cash management services; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service; credit cards; and various additional banking-related services.