Park National (NYSE:PRK) Trading Up 0.3% – Still a Buy?

Shares of Park National Co. (NYSE:PRK) shot up 0.3% during trading on Monday . The company traded as high as $175.03 and last traded at $173.51. 63,462 shares traded hands during trading, a decline of 23% from the average session volume of 81,935 shares. The stock had previously closed at $173.04.

Wall Street Analyst Weigh In

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

Park National Stock Performance

The company has a market cap of $3.14 billion, a P/E ratio of 18.64 and a beta of 0.70. The company’s 50-day moving average is $170.03 and its two-hundred day moving average is $164.71. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is 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 added to or reduced their stakes in PRK. Park National Corp OH lifted its holdings in Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock valued at $188,942,000 after purchasing an additional 103,142 shares during the last quarter. State Street Corp lifted its holdings in Park National by 8.3% during the second quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after purchasing an additional 51,381 shares during the last quarter. Jane Street Group LLC lifted its holdings in Park National by 3,571.9% during 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Park National during the fourth quarter valued at about $3,204,000. Finally, Tudor Investment Corp ET AL lifted its holdings in Park National by 52.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 49,267 shares of the company’s stock valued at $7,497,000 after purchasing an additional 16,982 shares during the last quarter. 62.65% of the stock is owned by hedge funds and other 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.