Park National (NYSE:PRK) Sees Large Volume Increase – Here’s What Happened

Park National Co. (NYSE:PRK) shares saw an uptick in trading volume on Thursday . 50,398 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 52,416 shares.The stock last traded at $152.75 and had previously closed at $152.14.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRK. Piper Sandler began coverage on Park National in a research note on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price objective for the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $178.00 price target (down previously from $187.00) on shares of Park National in a report on Wednesday, January 29th.

Park National Stock Up 2.1 %

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 stock has a market capitalization of $2.52 billion, a PE ratio of 16.78 and a beta of 0.72. The stock’s fifty day simple moving average is $166.24 and its 200-day simple moving average is $173.66.

Park National Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.74%. This is an increase from Park National’s previous quarterly dividend of $1.06. The ex-dividend date was Friday, February 14th. Park National’s payout ratio is currently 45.97%.

Hedge Funds Weigh In On Park National

A number of hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Park National by 162.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock worth $31,000 after buying an additional 112 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Park National by 808.0% in the 4th quarter. Sterling Capital Management LLC now owns 454 shares of the company’s stock worth $78,000 after buying an additional 404 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Park National by 9.7% in the 4th quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after buying an additional 61 shares during the last quarter. KBC Group NV boosted its holdings in shares of Park National by 55.8% in the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock worth $135,000 after buying an additional 282 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Park National in the 4th quarter worth about $201,000. 62.65% of the stock is owned by hedge funds and other institutional investors.

Park National Company Profile

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.