Piper Sandler Initiates Coverage on Park National (NYSE:PRK)

Analysts at Piper Sandler began coverage on shares of Park National (NYSE:PRK) in a report released on Thursday. The firm set a “neutral” rating and a $185.50 price target on the stock. Piper Sandler’s price target indicates a potential upside of 10.74% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $178.00 target price (down from $187.00) on shares of Park National in a research note on Wednesday, January 29th.

Park National Stock Performance

Shares of PRK opened at $167.51 on Thursday. The firm has a market cap of $2.71 billion, a P/E ratio of 17.99 and a beta of 0.73. Park National has a twelve month low of $123.08 and a twelve month high of $207.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.94. The firm’s 50 day moving average price is $171.95 and its two-hundred day moving average price is $174.09.

Institutional Trading of Park National

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRK. First Trust Advisors LP lifted its position in shares of Park National by 77.5% in the fourth quarter. First Trust Advisors LP now owns 160,715 shares of the company’s stock valued at $27,551,000 after buying an additional 70,170 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Park National by 427.9% in the 4th quarter. JPMorgan Chase & Co. now owns 64,482 shares of the company’s stock valued at $11,054,000 after acquiring an additional 52,268 shares during the period. Raymond James Financial Inc. acquired a new stake in Park National during the 4th quarter valued at $3,673,000. Invesco Ltd. increased its holdings in shares of Park National by 22.8% in the fourth quarter. Invesco Ltd. now owns 107,428 shares of the company’s stock valued at $18,416,000 after purchasing an additional 19,948 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Park National by 161.7% in the third quarter. Barclays PLC now owns 28,528 shares of the company’s stock valued at $4,792,000 after purchasing an additional 17,627 shares during the period. 62.65% of the stock is 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.