Park National (NYSE:PRK) Sets New 1-Year High – Time to Buy?

Park National Co. (NYSE:PRK)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $185.65 and last traded at $184.7590, with a volume of 17283 shares changing hands. The stock had previously closed at $182.99.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Piper Sandler increased their target price on Park National from $188.00 to $189.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Zacks Research lowered shares of 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $184.50.

Park National Price Performance

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 stock has a market capitalization of $3.39 billion, a PE ratio of 20.10 and a beta of 0.70. The stock’s 50 day moving average is $173.38 and its two-hundred day moving average is $167.24.

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 paid a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 15th. Park National’s dividend payout ratio is currently 40.33%.

Institutional Investors Weigh In On Park National

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRK. EverSource Wealth Advisors LLC raised its position in shares of Park National by 629.2% in the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock valued at $29,000 after buying an additional 151 shares during the last quarter. Danske Bank A S grew its stake in Park National by 100.0% during the 4th quarter. Danske Bank A S now owns 200 shares of the company’s stock valued at $30,000 after acquiring an additional 100 shares in the last quarter. Quarry LP grew its stake in Park National by 878.3% during the 3rd quarter. Quarry LP now owns 225 shares of the company’s stock valued at $37,000 after acquiring an additional 202 shares in the last quarter. Sarver Vrooman Wealth Advisors acquired a new stake in Park National in the 4th quarter valued at about $46,000. Finally, Steigerwald Gordon & Koch Inc. purchased a new position in Park National in the 4th quarter worth approximately $76,000. Institutional investors and hedge funds 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.