Park National (NYSE:PRK) Hits New 12-Month High – Here’s Why

Park National Co. (NYSE:PRK)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $207.99 and last traded at $202.13, with a volume of 42230 shares traded. The stock had previously closed at $200.01.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Park National from a “hold” rating to a “sell” rating in a research report on Friday, August 23rd.

Park National Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $3.18 billion, a P/E ratio of 23.67 and a beta of 0.70. The firm’s 50 day simple moving average is $176.65 and its two-hundred day simple moving average is $161.62.

Park National Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Friday, November 15th. Park National’s dividend payout ratio (DPR) is 50.18%.

Hedge Funds Weigh In On Park National

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in shares of Park National during the second quarter valued at about $85,000. MFA Wealth Advisors LLC purchased a new position in shares of Park National during the second quarter valued at about $121,000. Contravisory Investment Management Inc. purchased a new position in shares of Park National during the third quarter valued at about $227,000. PDS Planning Inc purchased a new position in shares of Park National during the third quarter valued at about $228,000. Finally, CWA Asset Management Group LLC purchased a new position in shares of Park National during the third quarter valued at about $263,000. 62.65% of the stock is owned by 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.