Park National (NYSE:PRK) Sees Large Volume Increase – Time to Buy?

Park National Co. (NYSE:PRK) saw strong trading volume on Tuesday . Approximately 66,685 shares changed hands during trading, a decline of 25% from the previous session’s volume of 88,506 shares.The stock last traded at $186.8750 and had previously closed at $187.37.

Wall Street Analyst Weigh In

Several research firms have commented on PRK. Raymond James Financial began coverage on Park National in a research note on Tuesday, July 7th. They set a “market perform” rating for the company. Piper Sandler lifted their target price on Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Zacks Research lowered 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.com, Park National has an average rating of “Hold” and a consensus price target of $184.50.

Park National Trading Down 0.3%

The firm has a market cap of $3.38 billion, a PE ratio of 20.06 and a beta of 0.69. The company’s fifty day moving average price is $177.00 and its two-hundred day moving average price is $169.71. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were given a $1.10 dividend. The ex-dividend date was Friday, May 15th. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. Park National’s dividend payout ratio (DPR) is presently 40.33%.

Hedge Funds Weigh In On Park National

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Park National by 59.2% in the 1st quarter. Royal Bank of Canada now owns 3,085 shares of the company’s stock valued at $467,000 after buying an additional 1,147 shares during the period. AQR Capital Management LLC grew its holdings in Park National by 27.6% during the first quarter. AQR Capital Management LLC now owns 4,087 shares of the company’s stock worth $619,000 after acquiring an additional 884 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Park National by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,583 shares of the company’s stock worth $1,299,000 after acquiring an additional 384 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Park National by 4.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 31,122 shares of the company’s stock worth $4,712,000 after acquiring an additional 1,293 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock valued at $7,622,000 after acquiring an additional 48,971 shares during the period. 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 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.