Park National (NYSE:PRK) Share Price Breaks Below Two Hundred Day Moving Average – Here’s What Happened

Park National Co. (NYSE:PRK) passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $177.76 and traded as low as $170.54. Park National shares last traded at $175.58, with a volume of 112,720 shares traded.

Analyst Upgrades and Downgrades

PRK has been the subject of a number of analyst reports. Hovde Group started coverage on Park National in a research note on Friday, September 25th. They set a “market perform” rating and a $190.00 target price for the company. Raymond James Financial initiated coverage on Park National in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Piper Sandler dropped their price objective on Park National from $217.00 to $201.00 and set a “neutral” rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods increased their price objective on Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Finally, National Bank Financial set a $190.00 target price on Park National in a report on Friday, September 25th. Five analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $196.50.

Park National Stock Down 3.1%

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 company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 18.86 and a beta of 0.72. The firm’s 50-day simple moving average is $184.74 and its two-hundred day simple moving average is $177.76.

Park National Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 20th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.0%. This is a positive change from Park National’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, November 20th. Park National’s dividend payout ratio is currently 38.66%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Park National by 253.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 152 shares of the company’s stock worth $28,000 after acquiring an additional 109 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new stake in shares of Park National in the third quarter valued at $28,000. Livelsberger Financial Advisory purchased a new stake in shares of Park National in the third quarter valued at $29,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Park National during the second quarter valued at $30,000. Finally, IFP Advisors Inc boosted its stake in shares of Park National by 1,175.0% during the third quarter. IFP Advisors Inc now owns 255 shares of the company’s stock valued at $46,000 after acquiring an additional 235 shares during 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 headquartered in Newark, Ohio. Its principal subsidiary, The Park National Bank, provides banking and financial services to individuals, families, businesses and nonprofit organizations.

The bank offers deposit accounts, residential and commercial lending, mortgage services, treasury management, online and mobile banking, and other personal and business financial solutions. Through its wealth management and trust operations, it also provides investment management, fiduciary, retirement and estate-planning services.