Park National (NYSE:PRK) Shares Gap Down - Here's Why

Key Points

• Park National shares opened lower, falling from the prior close of $203.40 to $196.00 before recovering to around $201.45; trading volume was 12,811 shares.
• Analysts remain cautious, with four firms maintaining “Hold” or “Market Perform” ratings. The average price target is $211, including recent target increases from Piper Sandler and Keefe, Bruyette & Woods.
• Park National announced a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.2% yield, while institutional investors own 62.65% of the company.

Park National Co. (NYSE:PRK - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $203.40, but opened at $196.00. Park National shares last traded at $201.4450, with a volume of 12,811 shares changing hands.

Wall Street Analysts Forecast Growth

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

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 market capitalization of $3.64 billion, a PE ratio of 21.60 and a beta of 0.69. The stock's fifty day simple moving average is $185.89 and its 200-day simple moving average is $173.98.

Park National Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders 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 yield of 2.2%. The ex-dividend date is Friday, August 21st. Park National's payout ratio is presently 39.39%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its stake in Park National by 253.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company's stock valued at $28,000 after acquiring an additional 109 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Park National by 629.2% during the second 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 lifted its holdings in shares of 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 shares of Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company's stock valued at $37,000 after purchasing an additional 202 shares during the last quarter. Finally, Sarver Vrooman Wealth Advisors purchased a new position in shares of Park National during the 4th quarter worth approximately $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source