Park National (NYSE:PRK) Stock Price Breaks Above 200 Day Moving Average - Time to Sell?

Key Points

• Park National shares rose above their 200-day moving average, trading as high as $181.74 and last quoted at $180.39, versus a 200-day average of $178.30.
• Analysts have a consensus “Hold” rating and an average price target of $196.50; recent targets range from $190 to $205.
• The company raised its quarterly dividend from $1.10 to $1.30 per share, equivalent to an annualized $5.20 dividend and a 2.9% yield.

Park National Co. (NYSE:PRK - Get Free Report) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $178.30 and traded as high as $181.74. Park National shares last traded at $180.39, with a volume of 50,408 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on PRK. Keefe, Bruyette & Woods boosted their price target on Park National from $180.00 to $205.00 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Piper Sandler dropped their price objective on Park National from $217.00 to $201.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 28th. Hovde Group initiated coverage on shares of Park National in a research note on Friday, September 25th. They issued a "market perform" rating and a $190.00 target price for the company. Finally, National Bank Financial set a $190.00 target price on shares of Park National in a report on Friday, September 25th. Five research analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $196.50.

Park National Trading Up 1.9%

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The business has a 50-day simple moving average of $182.31 and a two-hundred day simple moving average of $178.30. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 19.38 and a beta of 0.72.

Park National Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 20th will be given a $1.30 dividend. The ex-dividend date of this dividend is Friday, November 20th. This is a boost from Park National's previous quarterly dividend of $1.10. This represents a $5.20 annualized dividend and a dividend yield of 2.9%. Park National's payout ratio is currently 38.66%.

Institutional Trading of Park National

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Park National during the second quarter worth approximately $473,814,000. Bank of New York Mellon Corp bought a new position in shares of Park National during the second quarter worth approximately $23,652,000. Bank of America Corp DE acquired a new stake in Park National during the 2nd quarter worth approximately $9,918,000. Legal & General Group Plc acquired a new stake in Park National during the 2nd quarter worth approximately $6,887,000. Finally, Corient Private Wealth LP acquired a new stake in Park National during the 2nd quarter worth approximately $3,398,000. Institutional investors 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 Park National Bank and its affiliates, it provides commercial and consumer banking, wealth management, trust, and related financial services to individuals, families, and businesses.

Its services include deposit accounts, business and personal loans, mortgage lending, cash-management solutions, investment services, and financial planning. The company's banking operations primarily serve communities in Ohio and northern Kentucky.

Park National's roots are in Newark, where its banking business dates to the early 20th century.

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