Park National (NYSE:PRK) Sets New 12-Month High - Here's Why

Key Points

• Park National shares reached a new 52-week high of $215.00, last trading near $210.10, supported by gains above its 50-day and 200-day moving averages.
• Analysts maintain a generally neutral stance: four analysts rate the stock “Hold,” with a consensus price target of $211.00. Piper Sandler raised its target to $217, while Keefe, Bruyette & Woods lifted its target to $205.
• Park National declared a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.1% yield; institutional investors own 62.65% of the company.

Park National Co. (NYSE:PRK - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $215.00 and last traded at $210.10, with a volume of 132654 shares trading hands. The stock had previously closed at $207.47.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Raymond James Financial started coverage on shares of Park National in a report on Tuesday, July 7th. They issued a "market perform" rating for the company. Piper Sandler upped their price target on shares of Park National from $189.00 to $217.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Park National from $180.00 to $205.00 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $211.00.

Park National Price 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 business has a 50-day moving average price of $183.03 and a two-hundred day moving average price of $172.71. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 22.57 and a beta of 0.69.

Park National Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 21st. Park National's dividend payout ratio (DPR) is presently 39.39%.

Institutional Trading of Park National

A number of large investors have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB boosted its holdings in 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 buying an additional 109 shares during the period. EverSource Wealth Advisors LLC increased its stake in Park National by 629.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company's stock worth $29,000 after acquiring an additional 151 shares during the last quarter. Danske Bank A S raised its stake in Park National by 100.0% in the fourth quarter. Danske Bank A S now owns 200 shares of the company's stock valued at $30,000 after purchasing an additional 100 shares in the last quarter. Quarry LP grew its position in Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company's stock worth $37,000 after acquiring an additional 202 shares in the last quarter. Finally, Sarver Vrooman Wealth Advisors bought a new stake in Park National during the fourth quarter worth about $46,000. Hedge funds and other 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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