Park National (NYSE:PRK) Hits New 1-Year High – What’s Next?

Shares of Park National Co. (NYSE:PRK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $193.00 and last traded at $193.00, with a volume of 10257 shares trading hands. The stock had previously closed at $175.59.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Park National from a “hold” rating to a “sell” rating in a research note on Friday, August 23rd.

Park National Stock Down 0.4 %

The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 22.62 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a 50-day moving average of $171.40 and a 200-day moving average of $157.21.

Park National Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s payout ratio is currently 50.18%.

Institutional Investors Weigh In On Park National

Several institutional investors and hedge funds have recently bought and sold shares of PRK. BNP Paribas Financial Markets raised its position in shares of Park National by 74.6% in the 1st quarter. BNP Paribas Financial Markets now owns 7,164 shares of the company’s stock valued at $973,000 after buying an additional 3,062 shares in the last quarter. Quest Partners LLC increased its stake in Park National by 40,100.0% in the second quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock valued at $572,000 after acquiring an additional 4,010 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in Park National during the second quarter valued at approximately $499,000. Arbor Investment Advisors LLC bought a new stake in Park National during the third quarter worth $687,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Park National by 5.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock valued at $1,198,000 after purchasing an additional 402 shares in the last quarter. Institutional investors own 62.65% of the company’s stock.

About Park National

Park National Corporation operates as the bank holding company for Park National Bank that provides commercial banking and trust services in small and medium population areas. The company offers deposits for demand, savings, and time accounts; trust and wealth management services; cash management services; safe deposit operations; electronic funds transfers; Internet and mobile banking solutions with bill pay service; credit cards; and various additional banking-related services.