Park National (NYSE:PRK) Share Price Breaks Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Park National shares fell below their 200-day moving average, trading as low as $170.54 before closing at $175.58, down 3.1%.
• Analysts maintain a generally neutral outlook, with all five covering firms rating the stock “Hold” or “Market Perform.” The average price target is $196.50, above the latest share price.
• Park National increased its quarterly dividend to $1.30 per share, or $5.20 annually, implying a 3.0% yield and a 38.66% payout ratio.

Park National Co. (NYSE:PRK - Get Free Report) shares passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $177.76 and traded as low as $170.54. Park National shares last traded at $175.58, with a volume of 112,720 shares.

Analysts Set New Price Targets

Several research firms recently commented on PRK. National Bank Financial set a $190.00 price target on shares of Park National in a research report on Friday, September 25th. Raymond James Financial assumed coverage on shares of Park National in a research report on Tuesday, July 7th. They set a "market perform" rating on the stock. Piper Sandler dropped their price objective on shares of Park National from $217.00 to $201.00 and set a "neutral" rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Hovde Group initiated coverage on shares of Park National in a report on Friday, September 25th. They issued a "market perform" rating and a $190.00 target price for the company. Five investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $196.50.

Park National Stock Down 3.1%

The company has a market capitalization of $3.17 billion, a PE ratio of 18.86 and a beta of 0.72. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $184.74 and a two-hundred day simple moving average of $177.76.

Park National Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be given a $1.30 dividend. This is a positive change from Park National's previous quarterly dividend of $1.10. The ex-dividend date is Friday, November 20th. This represents a $5.20 dividend on an annualized basis and a yield of 3.0%. Park National's payout ratio is 38.66%.

Hedge Funds Weigh In On Park National

Several institutional investors have recently bought and sold shares of the company. Investment Partners LTD. lifted its stake in shares of Park National by 108.3% in the 3rd quarter. Investment Partners LTD. now owns 5,790 shares of the company's stock worth $1,035,000 after acquiring an additional 3,010 shares during the period. Livelsberger Financial Advisory acquired a new position in shares of Park National during the third quarter worth about $29,000. Laurel Wealth Advisors LLC acquired a new position in shares of Park National during the third quarter worth about $28,000. Balance Wealth Partners LLC acquired a new position in shares of Park National during the third quarter worth about $149,000. Finally, IFP Advisors Inc raised its holdings in Park National by 1,175.0% during the third quarter. IFP Advisors Inc now owns 255 shares of the company's stock worth $46,000 after purchasing an additional 235 shares in the last quarter. 62.65% of the stock is owned by institutional investors and hedge funds.

Park National Company Profile

Park National Corporation is a bank holding company headquartered in Newark, Ohio. Its principal subsidiary, The Park National Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

The bank offers deposit accounts, residential and commercial lending, mortgage services, treasury management, online and mobile banking, and other personal and business financial solutions. Through its wealth management and trust operations, it also provides investment management, fiduciary, retirement and estate-planning services.

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.