Park National (NYSE:PRK) Shares Gap Down - What's Next?

Key Points

• Park National shares opened sharply lower, falling from a prior close of $199.89 to $190.00 before recovering near $199.65; trading volume was 18,562 shares.
• Analysts remain cautious, with four firms assigning a “Hold” or “Market Perform” rating. The average price target is $211, including recent increases from Piper Sandler and Keefe, Bruyette & Woods.
• Park National declared a quarterly dividend of $1.10 per share, or $4.40 annualized, representing a 2.2% yield and a 39.39% payout ratio; institutional investors own 62.65% of the company.

Park National Co. (NYSE:PRK - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $199.89, but opened at $190.00. Park National shares last traded at $199.6480, with a volume of 18,562 shares.

Analyst Ratings Changes

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

Park National Stock Down 0.2%

The business has a 50-day moving average price of $192.94 and a 200-day moving average price of $177.28. The stock has a market cap of $3.60 billion, a PE ratio of 21.42 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

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 issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. Park National's dividend payout ratio is presently 39.39%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its holdings in shares of Park National by 21,909.5% during the second quarter. California State Teachers Retirement System now owns 3,337,738 shares of the company's stock worth $610,773,000 after buying an additional 3,322,573 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Park National in the second quarter valued at about $473,814,000. Bank of New York Mellon Corp acquired a new stake in Park National during the second quarter worth about $23,652,000. Park National Corp OH increased its position in Park National by 9.8% during the first quarter. Park National Corp OH now owns 1,155,964 shares of the company's stock worth $188,942,000 after purchasing an additional 103,142 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Park National during the second quarter worth about $9,918,000. 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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