Park National (NYSE:PRK) Reaches New 52-Week High After Dividend Announcement

Key Points

• Park National shares reached a new 52-week high, trading around $202 after closing at $189.35, an increase of approximately 8.1%.
• The company announced a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.1% yield. The dividend is payable September 10 to shareholders of record August 21.
• Analysts maintain a cautious outlook, with all four covering firms rating the stock “Hold”; the consensus price target is $184.50, below its recent trading level.

Park National Co. (NYSE:PRK - Get Free Report)'s stock price reached a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $201.09 and last traded at $202.1420, with a volume of 15431 shares changing hands. The stock had previously closed at $189.35.The newly announced dividend which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be issued a $1.10 dividend. The ex-dividend date is Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.1%. Park National's dividend payout ratio is 40.33%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PRK shares. Zacks Research cut shares of Park National from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 3rd. Raymond James Financial initiated coverage on shares of Park National in a research note on Tuesday, July 7th. They set a "market perform" rating on the stock. Finally, Piper Sandler increased their price target on shares of Park National from $188.00 to $189.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $184.50.

Park National Stock Up 8.1%

The company has a market capitalization of $3.71 billion, a P/E ratio of 21.63 and a beta of 0.69. The company has a 50-day moving average of $179.06 and a two-hundred day moving average of $170.89. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On Park National

A number of institutional investors and hedge funds have recently made changes to their positions in PRK. MassMutual Private Wealth & Trust FSB boosted its position in shares of Park National by 253.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock worth $28,000 after purchasing an additional 109 shares in the last quarter. Versant Capital Management Inc increased its position in Park National by 156.9% during the 2nd quarter. Versant Capital Management Inc now owns 262 shares of the company's stock valued at $48,000 after buying an additional 160 shares in the last quarter. Bank of America Corp DE increased its position in Park National by 4.0% during the 1st quarter. Bank of America Corp DE now owns 56,115 shares of the company's stock valued at $9,172,000 after buying an additional 2,161 shares in the last quarter. Janus Henderson Group PLC raised its stake in Park National by 28.9% during the first quarter. Janus Henderson Group PLC now owns 8,028 shares of the company's stock valued at $1,314,000 after buying an additional 1,800 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake 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 valued at $2,479,000 after buying an additional 334 shares during 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.

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