Park National (NYSE:PRK) Reaches New 52-Week High After Dividend Announcement

Park National Co. (NYSE:PRK)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $201.09 and last traded at $202.1420, with a volume of 15431 shares traded. The stock had previously closed at $189.35.

The newly announced dividend which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be paid a $1.10 dividend. The ex-dividend date is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Park National’s payout ratio is presently 40.33%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PRK. Zacks Research downgraded shares of Park National from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Raymond James Financial assumed coverage on shares of Park National in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Finally, Piper Sandler upped their target price on shares of Park National from $188.00 to $189.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $184.50.

Park National Trading Up 8.1%

The stock has a 50-day simple moving average of $179.06 and a two-hundred day simple moving average of $170.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The firm has a market cap of $3.71 billion, a PE ratio of 21.63 and a beta of 0.69.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL grew its position in Park National by 51.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 32,285 shares of the company’s stock worth $5,247,000 after purchasing an additional 10,935 shares during the period. SG Americas Securities LLC grew its holdings in shares of Park National by 249.8% in 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 period. UBS Group AG increased its position in Park National by 15.7% during the fourth quarter. UBS Group AG now owns 64,583 shares of the company’s stock valued at $9,828,000 after acquiring an additional 8,777 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Park National by 14.5% in the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company’s stock valued at $12,763,000 after acquiring an additional 9,865 shares during the period. Finally, Park National Corp OH boosted its position in Park National by 9.8% in 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. 62.65% of the stock is owned by hedge funds and other institutional investors.

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.