Park National (NYSE:PRK) Reaches New 52-Week High – Should You Buy?

Park National Co. (NYSE:PRK)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $193.00 and last traded at $193.00, with a volume of 10257 shares. The stock had previously closed at $175.59.

Wall Street Analysts Forecast Growth

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

Park National Price Performance

The company has a current ratio of 0.92, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.33 billion, a P/E ratio of 19.33 and a beta of 0.70. The firm has a 50 day moving average of $170.09 and a 200-day moving average of $156.22.

Park National Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.00 annualized dividend and a dividend yield of 0.97%. Park National’s dividend payout ratio (DPR) is 50.18%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its position in Park National by 74.6% in the first quarter. BNP Paribas Financial Markets now owns 7,164 shares of the company’s stock worth $973,000 after acquiring an additional 3,062 shares in the last quarter. Quest Partners LLC lifted its stake in shares of Park National by 40,100.0% in the 2nd quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock valued at $572,000 after purchasing an additional 4,010 shares during the last quarter. Commonwealth Equity Services LLC purchased a new position in shares of Park National in the 2nd quarter worth approximately $499,000. Arbor Investment Advisors LLC bought a new position in shares of Park National during the 3rd quarter valued at approximately $687,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Park National by 5.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock valued at $1,198,000 after buying an additional 402 shares during the period. 62.65% of the stock is currently 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.