Park National (NYSE:PRK) Sees Strong Trading Volume - Here's Why

Park National Co. (NYSE:PRK - Get Free Report) shares saw strong trading volume on Wednesday . 49,624 shares changed hands during trading, a decline of 15% from the previous session's volume of 58,094 shares.The stock last traded at $165.86 and had previously closed at $162.60.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of Park National from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Piper Sandler started coverage on shares of Park National in a research note on Thursday, February 20th. They issued a "neutral" rating and a $185.50 price target for the company. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Park National from $167.00 to $170.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 30th.

Park National Trading Down 3.3%

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 firm's 50 day simple moving average is $157.26 and its two-hundred day simple moving average is $164.46. The stock has a market cap of $2.55 billion, a P/E ratio of 16.91 and a beta of 0.82.

Park National Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 16th were given a dividend of $1.07 per share. The ex-dividend date was Friday, May 16th. This represents a $4.28 annualized dividend and a dividend yield of 2.72%. Park National's dividend payout ratio is currently 43.94%.

Hedge Funds Weigh In On Park National

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Park National by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,701,587 shares of the company's stock worth $291,703,000 after acquiring an additional 6,432 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Park National by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 495,854 shares of the company's stock worth $85,006,000 after acquiring an additional 3,911 shares during the last quarter. Northern Trust Corp grew its position in shares of Park National by 4.3% during the fourth quarter. Northern Trust Corp now owns 182,808 shares of the company's stock worth $31,339,000 after acquiring an additional 7,505 shares during the last quarter. First Trust Advisors LP grew its position in shares of Park National by 77.5% during the fourth quarter. First Trust Advisors LP now owns 160,715 shares of the company's stock worth $27,551,000 after acquiring an additional 70,170 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Park National by 22.8% during the fourth quarter. Invesco Ltd. now owns 107,428 shares of the company's stock worth $18,416,000 after acquiring an additional 19,948 shares during the last quarter. Institutional investors 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.