Park National (NYSE:PRK) Sees Unusually-High Trading Volume – Should You Buy?

Park National Co. (NYSE:PRK) shares saw unusually-high trading volume on Thursday . 74,994 shares changed hands during trading, a decline of 17% from the previous session’s volume of 90,713 shares.The stock last traded at $196.5380 and had previously closed at $199.54.

Wall Street Analyst Weigh In

A number of brokerages have commented on PRK. Keefe, Bruyette & Woods upped their price objective on Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Raymond James Financial assumed coverage on Park National in a report on Tuesday, July 7th. They set a “market perform” rating for the company. Finally, Piper Sandler boosted their target price on shares of Park National from $189.00 to $217.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $211.00.

Park National Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The firm has a market cap of $3.58 billion, a P/E ratio of 21.28 and a beta of 0.69. The company’s 50-day moving average is $194.32 and its two-hundred day moving average is $177.75.

Park National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 21st will be paid a dividend of $1.10 per share. The ex-dividend date is Friday, August 21st. This represents a $4.40 annualized dividend and a yield of 2.2%. Park National’s dividend payout ratio is presently 39.39%.

Hedge Funds Weigh In On Park National

Several hedge funds and other institutional investors have recently modified their holdings of PRK. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Park National by 253.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company’s stock worth $28,000 after buying an additional 109 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in 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 in the last quarter. Danske Bank A S boosted its stake in Park National by 100.0% in the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock valued at $30,000 after buying an additional 100 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Park National in the second quarter valued at about $30,000. Finally, Quarry LP grew its position in Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company’s stock valued at $37,000 after acquiring an additional 202 shares during the last quarter. Institutional investors 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.