Park National Co. (NYSE:PRK – Get Free Report) hit a new 52-week high on Tuesday . The company 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.
Analyst Upgrades and Downgrades
A number of analysts have commented on the company. Raymond James Financial assumed coverage on Park National in a report on Tuesday, July 7th. They issued a “market perform” rating for the company. Keefe, Bruyette & Woods increased 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. Finally, Piper Sandler lifted their price objective on Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $211.00.
View Our Latest Research Report on PRK
Park National Stock Down 1.1%
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 dividend of $1.10 per share. 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 2.1%. Park National’s payout ratio is presently 39.39%.
Hedge Funds Weigh In On Park National
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new position in shares of Park National in the second quarter worth about $23,652,000. Park National Corp OH raised its stake in 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 period. State Street Corp lifted its holdings in Park National by 8.3% during the second quarter. State Street Corp now owns 673,645 shares of the company’s stock valued at $112,674,000 after purchasing an additional 51,381 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Park National by 3,571.9% in the first quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after purchasing an additional 48,971 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Park National in the fourth quarter worth $3,204,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.
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.
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