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

Park National Co. (NYSE:PRK) shares hit a new 52-week high on Monday . The company traded as high as $207.99 and last traded at $202.13, with a volume of 42230 shares. 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 report on Friday, August 23rd.

Park National Trading Down 1.5 %

The stock’s fifty day moving average price is $176.65 and its 200 day moving average price is $161.62. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.18 billion, a PE ratio of 23.67 and a beta of 0.70.

Park National Cuts Dividend

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

Institutional Investors Weigh In On Park National

A number of institutional investors have recently made changes to their positions in the company. State Street Corp lifted its position in Park National by 0.5% during the third quarter. State Street Corp now owns 632,567 shares of the company’s stock valued at $106,259,000 after purchasing an additional 3,318 shares during the period. Dimensional Fund Advisors LP lifted its position in Park National by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock valued at $70,507,000 after purchasing an additional 21,221 shares during the period. Geode Capital Management LLC lifted its position in Park National by 1.0% during the third quarter. Geode Capital Management LLC now owns 334,188 shares of the company’s stock valued at $56,148,000 after purchasing an additional 3,165 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Park National by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 179,570 shares of the company’s stock valued at $30,164,000 after purchasing an additional 2,119 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Park National by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 153,579 shares of the company’s stock valued at $21,860,000 after purchasing an additional 1,288 shares during the period. Hedge funds and other institutional investors own 62.65% of the company’s stock.

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.