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

Shares of Park National Co. (NYSE:PRK) reached 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.

Analyst Ratings Changes

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

Park National Price Performance

The stock has a 50 day moving average of $170.09 and a 200-day moving average of $156.22. 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 stock has a market capitalization of $3.33 billion, a P/E ratio of 19.33 and a beta of 0.70.

Park National Cuts Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Friday, November 15th. Park National’s dividend payout ratio is currently 50.18%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in Park National by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 495,375 shares of the company’s stock worth $70,507,000 after purchasing an additional 21,221 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Park National by 0.8% in 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 acquiring an additional 1,288 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Park National by 7.7% in the second quarter. Public Sector Pension Investment Board now owns 31,666 shares of the company’s stock worth $4,507,000 after acquiring an additional 2,264 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Park National by 3.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,468 shares of the company’s stock worth $2,102,000 after acquiring an additional 521 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in Park National by 6.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 12,975 shares of the company’s stock valued at $1,756,000 after purchasing an additional 747 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.