Park National (NYSE:PRK) Shares Gap Down – Here’s What Happened

Park National Co. (NYSE:PRK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $203.40, but opened at $196.00. Park National shares last traded at $201.4450, with a volume of 12,811 shares.

Analyst Upgrades and Downgrades

PRK has been the topic of several recent research reports. 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 research report on Thursday, July 30th. Raymond James Financial began coverage on Park National in a research 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 note on Wednesday, July 29th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $211.00.

Park National Price Performance

The stock has a market capitalization of $3.64 billion, a PE ratio of 21.60 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 company’s 50 day simple moving average is $185.89 and its 200 day simple moving average is $173.98.

Park National Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be given a $1.10 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. Park National’s payout ratio is currently 39.39%.

Hedge Funds Weigh In On Park National

A number of large investors have recently bought and sold shares of PRK. UBS Group AG raised its holdings in Park National by 15.7% in the fourth quarter. UBS Group AG now owns 64,583 shares of the company’s stock valued at $9,828,000 after buying an additional 8,777 shares during the period. Dimensional Fund Advisors LP grew its stake in Park National by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 517,432 shares of the company’s stock worth $84,570,000 after buying an additional 5,859 shares during the period. Principal Financial Group Inc. increased its position in shares of Park National by 14.5% in the first quarter. Principal Financial Group Inc. now owns 78,087 shares of the company’s stock worth $12,763,000 after acquiring an additional 9,865 shares in the last quarter. Park National Corp OH increased its position in shares of Park National by 9.8% in the first 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 in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Park National by 10,097.1% in the 1st quarter. Fifth Third Bancorp now owns 3,467 shares of the company’s stock valued at $567,000 after acquiring an additional 3,433 shares during the period. Hedge funds and other 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.