Park National (NYSE:PRK) Sees Unusually-High Trading Volume – What’s Next?

Shares of Park National Co. (NYSE:PRK) saw unusually-high trading volume on Thursday . Approximately 50,398 shares changed hands during trading, a decline of 4% from the previous session’s volume of 52,416 shares.The stock last traded at $152.75 and had previously closed at $152.14.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $178.00 price target (down previously from $187.00) on shares of Park National in a research report on Wednesday, January 29th. Piper Sandler initiated coverage on Park National in a research note on Thursday, February 20th. They issued a “neutral” rating and a $185.50 price objective on the stock.

Park National Stock Performance

The stock has a fifty day moving average of $166.93 and a 200-day moving average of $173.93. The stock has a market capitalization of $2.47 billion, a PE ratio of 16.40 and a beta of 0.72. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15.

Park National Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were given a dividend of $1.07 per share. The ex-dividend date was Friday, February 14th. This represents a $4.28 dividend on an annualized basis and a yield of 2.80%. This is a positive change from Park National’s previous quarterly dividend of $1.06. Park National’s payout ratio is currently 45.97%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its stake in Park National by 162.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 181 shares of the company’s stock valued at $31,000 after purchasing an additional 112 shares during the last quarter. Sterling Capital Management LLC grew its holdings in Park National by 808.0% during the fourth quarter. Sterling Capital Management LLC now owns 454 shares of the company’s stock valued at $78,000 after purchasing an additional 404 shares during the period. Signaturefd LLC increased its position in shares of Park National by 9.7% during the fourth quarter. Signaturefd LLC now owns 692 shares of the company’s stock worth $119,000 after acquiring an additional 61 shares in the last quarter. KBC Group NV increased its stake in Park National by 55.8% in the 4th quarter. KBC Group NV now owns 787 shares of the company’s stock valued at $135,000 after buying an additional 282 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Park National in the fourth quarter valued at $201,000. 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.