Park National (NYSE:PRK) Sets New 52-Week High – Still a Buy?

Park National Co. (NYSE:PRK)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $179.70 and last traded at $177.9510, with a volume of 44927 shares. The stock had previously closed at $176.00.

Analyst Ratings Changes

Several analysts recently commented on PRK shares. Piper Sandler raised their price objective on Park National from $183.00 to $188.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Zacks Research cut Park National from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. Four analysts have rated the stock with a Hold rating, According to MarketBeat, Park National currently has a consensus rating of “Hold” and an average price target of $184.00.

Park National Stock Performance

The stock has a fifty day simple moving average of $170.38 and a 200-day simple moving average of $164.89. The stock has a market cap of $3.19 billion, a P/E ratio of 18.96 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94.

Park National Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, May 15th. Park National’s dividend payout ratio is 40.33%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRK. Tudor Investment Corp ET AL grew its stake in Park National by 51.2% in the third quarter. Tudor Investment Corp ET AL now owns 32,285 shares of the company’s stock valued at $5,247,000 after purchasing an additional 10,935 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in Park National by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 55,782 shares of the company’s stock worth $9,066,000 after purchasing an additional 6,074 shares during the period. SG Americas Securities LLC lifted its position in Park National by 249.8% during the fourth quarter. SG Americas Securities LLC now owns 6,299 shares of the company’s stock worth $959,000 after acquiring an additional 4,498 shares during the last quarter. UBS Group AG grew its stake in shares of Park National by 15.7% in the fourth quarter. UBS Group AG now owns 64,583 shares of the company’s stock worth $9,828,000 after purchasing an additional 8,777 shares during the last quarter. Finally, Berkshire Money Management Inc. purchased a new stake in Park National in the 4th quarter valued at about $491,000. 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 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.