Park National (NYSE:PRK) Shares Break Above Two Hundred Day Moving Average – What’s Next?

Park National Co. (NYSE:PRK)’s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $178.30 and traded as high as $181.74. Park National shares last traded at $180.39, with a volume of 50,408 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRK shares. Hovde Group assumed coverage on Park National in a report on Friday, September 25th. They issued a “market perform” rating and a $190.00 target price for the company. Keefe, Bruyette & Woods upped their price target on shares of Park National from $180.00 to $205.00 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Piper Sandler cut their price target on shares of Park National from $217.00 to $201.00 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Finally, National Bank Financial set a $190.00 price objective on shares of Park National in a research note on Friday, September 25th. Five investment analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $196.50.

Park National Trading Down 0.5%

The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of 19.21 and a beta of 0.72. The business has a 50 day moving average of $181.75 and a 200 day moving average of $178.46.

Park National Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 20th will be given a $1.30 dividend. This is a boost from Park National’s previous quarterly dividend of $1.10. This represents a $5.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, November 20th. Park National’s dividend payout ratio (DPR) is presently 38.66%.

Hedge Funds Weigh In On Park National

Institutional investors and hedge funds have recently modified their holdings of the company. TD Capital Management LLC acquired a new stake in Park National during the third quarter worth approximately $218,000. Edgestream Partners L.P. acquired a new position in Park National in the 3rd quarter valued at $1,110,000. HighTower Advisors LLC lifted its stake in shares of Park National by 2.8% during the 3rd quarter. HighTower Advisors LLC now owns 4,641 shares of the company’s stock worth $829,000 after purchasing an additional 128 shares during the period. Allworth Financial LP lifted its stake in shares of Park National by 102.3% during the 3rd quarter. Allworth Financial LP now owns 1,732 shares of the company’s stock worth $317,000 after purchasing an additional 876 shares during the period. Finally, Maryland State Retirement & Pension System lifted its stake in shares of Park National by 54.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 3,630 shares of the company’s stock worth $649,000 after purchasing an additional 1,276 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 headquartered in Newark, Ohio. Through Park National Bank and its affiliates, it provides commercial and consumer banking, wealth management, trust, and related financial services to individuals, families, and businesses. Its services include deposit accounts, business and personal loans, mortgage lending, cash-management solutions, investment services, and financial planning. The company’s banking operations primarily serve communities in Ohio and northern Kentucky.