Park National (NYSE:PRK) Sees Large Volume Increase - Here's What Happened

Key Points

• Park National shares fell 0.5% to $180.775, with 64,125 shares traded—31% below the prior session’s volume.
• Analysts remain cautious: all four covering firms rate the stock Hold or market perform, while the consensus price target is $211.
• Park National maintains a quarterly dividend of $1.10 per share, equivalent to $4.40 annually and a 2.4% yield; institutional investors own 62.65% of the company.

Park National Co. (NYSE:PRK - Get Free Report) shares saw unusually-high trading volume on Friday . 64,125 shares traded hands during trading, a decline of 31% from the previous session's volume of 92,330 shares.The stock last traded at $180.7750 and had previously closed at $182.91.

Wall Street Analyst Weigh In

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

Park National Trading Down 0.5%

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 fifty day moving average is $196.27 and its 200 day moving average is $179.53. The stock has a market cap of $3.29 billion, a PE ratio of 19.50 and a beta of 0.67.

Park National Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 21st were issued a dividend of $1.10 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.4%. Park National's payout ratio is currently 39.39%.

Institutional Trading of Park National

Several large investors have recently bought and sold shares of PRK. BlackRock Inc. acquired a new stake in Park National during the 2nd quarter valued at $473,814,000. Bank of New York Mellon Corp acquired a new position in shares of Park National in the second quarter worth $23,652,000. Park National Corp OH raised its holdings in shares of Park National by 9.8% in the first quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after acquiring an additional 103,142 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Park National in the second quarter valued at $9,918,000. Finally, Legal & General Group Plc purchased a new stake in shares of Park National in the second quarter valued at $6,887,000. Institutional investors and hedge funds own 62.65% of the company's stock.

Park National Company Profile

Park National Corporation is a bank holding company headquartered in Newark, Ohio. Through its principal subsidiary, Park National Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, cash-management services, wealth management, trust services and investment products. Park National also provides insurance and other financial services through affiliated businesses.

Founded in 1908, Park National serves communities primarily across Ohio, with additional operations in neighboring markets.

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