Park National (NYSE:PRK) Sets New 1-Year High – Still a Buy?

Park National Co. (NYSE:PRK) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $207.99 and last traded at $202.13, with a volume of 42230 shares changing hands. The stock had previously closed at $200.01.

Analyst Ratings Changes

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

Park National Stock Down 1.5 %

The stock has a market cap of $3.11 billion, a PE ratio of 23.11 and a beta of 0.70. 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 firm has a fifty day moving average of $177.55 and a 200 day moving average of $162.42.

Park National Cuts Dividend

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

Hedge Funds Weigh In On Park National

Hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC purchased a new stake in shares of Park National during the 2nd quarter worth approximately $499,000. Quest Partners LLC boosted its stake in Park National by 40,100.0% in the second quarter. Quest Partners LLC now owns 4,020 shares of the company’s stock valued at $572,000 after acquiring an additional 4,010 shares in the last quarter. Arbor Investment Advisors LLC acquired a new position in Park National in the third quarter valued at $687,000. The Manufacturers Life Insurance Company grew its holdings in shares of Park National by 5.0% during the second quarter. The Manufacturers Life Insurance Company now owns 8,414 shares of the company’s stock worth $1,198,000 after purchasing an additional 402 shares during the last quarter. Finally, Creekside Partners acquired a new stake in shares of Park National during the second quarter worth about $579,000. 62.65% of the stock is currently owned by hedge funds and other institutional investors.

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.