Park National (NYSE:PRK) Sees Large Volume Increase - Time to Buy?

Key Points

• Park National saw a rise in trading activity, with about 66,685 shares changing hands, though that was still below the prior session’s volume. The stock was essentially flat, last trading at $186.8750 after closing at $187.37.
• Recent analyst updates have been mixed but mostly cautious: Piper Sandler raised its price target slightly to $189 while keeping a neutral rating, and Raymond James initiated coverage with a market perform rating. Overall, the stock carries a consensus Hold rating and an average target price of $184.50.
• The company continues to return cash to shareholders, recently paying a quarterly dividend of $1.10 per share, or $4.40 annualized, for a yield of about 2.4%. Institutional ownership remains strong, with hedge funds and other institutions holding 62.65% of the stock.

Park National Co. (NYSE:PRK - Get Free Report) saw an uptick in trading volume on Tuesday . Approximately 66,685 shares changed hands during mid-day trading, a decline of 25% from the previous session's volume of 88,506 shares.The stock last traded at $186.8750 and had previously closed at $187.37.

Analyst Ratings Changes

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

Park National Trading Down 0.3%

The stock has a market capitalization of $3.38 billion, a PE ratio of 20.06 and a beta of 0.69. 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 business's 50-day moving average is $177.00 and its two-hundred day moving average is $169.71.

Park National Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were given a $1.10 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. Park National's dividend payout ratio is 40.33%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Park National Corp OH boosted its stake in Park National by 9.8% during the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after purchasing an additional 103,142 shares during the period. State Street Corp grew its position in Park National by 8.3% during the 2nd quarter. State Street Corp now owns 673,645 shares of the company's stock worth $112,674,000 after purchasing an additional 51,381 shares during the last quarter. Jane Street Group LLC increased its stake in Park National by 3,571.9% in 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 period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Park National in the fourth quarter valued at $3,204,000. Finally, Tudor Investment Corp ET AL raised its holdings in shares of Park National by 52.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 49,267 shares of the company's stock valued at $7,497,000 after buying an additional 16,982 shares during the last quarter. Institutional investors and hedge funds 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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