Park National (NYSE:PRK) Reaches New 12-Month High – Here’s What Happened

Shares of Park National Co. (NYSE:PRK) hit a new 52-week high during trading on Monday . The company 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 cut shares of Park National from a “hold” rating to a “sell” rating in a research note on Friday, August 23rd.

Park National Trading Down 1.5 %

The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 23.11 and a beta of 0.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.95. The company has a 50 day moving average price of $177.55 and a 200 day moving average price of $162.42.

Park National Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s dividend payout ratio is presently 50.18%.

Institutional Trading of Park National

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in Park National by 4.9% during the third quarter. Nisa Investment Advisors LLC now owns 1,709 shares of the company’s stock worth $287,000 after purchasing an additional 80 shares during the period. Arizona State Retirement System lifted its holdings in Park National by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 4,512 shares of the company’s stock worth $642,000 after buying an additional 83 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in Park National by 1.4% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,200 shares of the company’s stock valued at $1,025,000 after buying an additional 100 shares during the period. New York State Teachers Retirement System grew its stake in shares of Park National by 3.1% in the third quarter. New York State Teachers Retirement System now owns 3,277 shares of the company’s stock worth $550,000 after acquiring an additional 100 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Park National by 1.5% during the third quarter. PNC Financial Services Group Inc. now owns 8,082 shares of the company’s stock worth $1,358,000 after acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 62.65% of the company’s stock.

About Park National

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.