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

Park National Co. (NYSE:PRK)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $199.89, but opened at $190.00. Park National shares last traded at $199.6480, with a volume of 18,562 shares traded.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRK. Raymond James Financial began coverage on Park National in a research note on Tuesday, July 7th. They issued a “market perform” rating on the stock. Keefe, Bruyette & Woods upped their price target on shares of Park National from $180.00 to $205.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Finally, Piper Sandler lifted their price objective on shares of Park National from $189.00 to $217.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $211.00.

Park National Stock Performance

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 business has a 50-day moving average of $193.89 and a 200-day moving average of $177.60. The company has a market capitalization of $3.58 billion, a P/E ratio of 21.27 and a beta of 0.69.

Park National Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRK. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Park National by 253.5% during the 2nd 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. Public Employees Retirement System of Ohio purchased a new stake in Park National in the second quarter worth $30,000. EverSource Wealth Advisors LLC lifted its position in shares of Park National by 629.2% during the second quarter. EverSource Wealth Advisors LLC now owns 175 shares of the company’s stock worth $29,000 after purchasing an additional 151 shares during the last quarter. Danske Bank A S boosted its stake in shares of Park National by 100.0% during the fourth quarter. Danske Bank A S now owns 200 shares of the company’s stock valued at $30,000 after purchasing an additional 100 shares during the period. Finally, Quarry LP grew its holdings in shares of Park National by 878.3% in the third quarter. Quarry LP now owns 225 shares of the company’s stock worth $37,000 after purchasing an additional 202 shares during the last quarter. 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.