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

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

Wall Street Analysts Forecast Growth

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

Park National Stock Performance

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 company has a 50 day simple moving average of $171.56 and a 200-day simple moving average of $165.52. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 18.91 and a beta of 0.70.

Park National Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were paid a $1.10 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $4.40 annualized dividend and a yield of 2.5%. Park National’s payout ratio is 40.33%.

Hedge Funds Weigh In On Park National

Several institutional investors have recently added to or reduced their stakes in PRK. EverSource Wealth Advisors LLC lifted its stake in Park National by 629.2% in 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 raised its position in shares of Park National by 100.0% during the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock worth $30,000 after purchasing an additional 100 shares during the period. Quarry LP raised its position in shares of Park National by 878.3% during the third quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after purchasing an additional 202 shares during the period. Sarver Vrooman Wealth Advisors acquired a new position in shares of Park National during the fourth quarter worth approximately $46,000. Finally, Steigerwald Gordon & Koch Inc. acquired a new position in shares of Park National during the fourth quarter worth approximately $76,000. 62.65% of the stock is owned by institutional investors and hedge funds.

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.