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

Park National Co. (NYSE:PRK)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $215.00 and last traded at $210.10, with a volume of 132654 shares traded. The stock had previously closed at $207.47.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Raymond James Financial began coverage on shares of Park National in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Piper Sandler raised their target price on Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods boosted their price target on Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Park National has a consensus rating of “Hold” and a consensus target price of $211.00.

Park National Trading Up 1.3%

The company has a market cap of $3.80 billion, a P/E ratio of 22.57 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $183.03 and its 200-day moving average is $172.71.

Park National Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 21st. Park National’s dividend payout ratio is 39.39%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Park National Corp OH lifted its stake in shares of Park National by 9.8% during the 1st quarter. Park National Corp OH now owns 1,155,964 shares of the company’s stock worth $188,942,000 after acquiring an additional 103,142 shares during the last quarter. State Street Corp raised its stake in shares of Park National by 8.3% during the 2nd quarter. State Street Corp now owns 673,645 shares of the company’s stock worth $112,674,000 after acquiring an additional 51,381 shares in the last quarter. Jane Street Group LLC lifted its position in Park National by 3,571.9% during 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Park National in the fourth quarter valued at approximately $3,204,000. Finally, Tudor Investment Corp ET AL boosted its stake in Park National by 52.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 49,267 shares of the company’s stock valued at $7,497,000 after acquiring an additional 16,982 shares in the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

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.