Park National (NYSE:PRK) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Park National (NYSE:PRK) from a hold rating to a sell rating in a research report report published on Wednesday.

Several other research firms have also recently weighed in on PRK. Keefe, Bruyette & Woods reiterated a market perform rating and set a $130.00 price objective (up from $125.00) on shares of Park National in a research report on Wednesday, April 24th. Piper Sandler assumed coverage on Park National in a research note on Friday, February 23rd. They set a neutral rating and a $130.00 price target for the company.

Park National Stock Performance

NYSE PRK opened at $134.26 on Wednesday. Park National has a 52-week low of $90.28 and a 52-week high of $144.01. The stock has a market cap of $2.17 billion, a PE ratio of 16.99 and a beta of 0.71. The firm has a 50-day moving average of $134.80 and a 200-day moving average of $131.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.92 and a current ratio of 0.92.

Park National (NYSE:PRK) last posted its quarterly earnings data on Friday, April 19th. The company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.30. The business had revenue of $121.82 million during the quarter, compared to analysts’ expectations of $118.29 million. Park National had a net margin of 22.03% and a return on equity of 12.13%. On average, sell-side analysts anticipate that Park National will post 8.12 EPS for the current year.

Park National Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were issued a $1.06 dividend. The ex-dividend date was Thursday, May 16th. This represents a $4.24 dividend on an annualized basis and a yield of 3.16%. Park National’s dividend payout ratio (DPR) is 53.67%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank lifted its stake in shares of Park National by 0.6% during the 3rd quarter. Swiss National Bank now owns 35,600 shares of the company’s stock valued at $3,365,000 after buying an additional 200 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Park National by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 156,808 shares of the company’s stock valued at $14,821,000 after acquiring an additional 7,655 shares during the period. Deutsche Bank AG grew its stake in Park National by 14.7% in the 3rd quarter. Deutsche Bank AG now owns 7,332 shares of the company’s stock worth $693,000 after acquiring an additional 941 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Park National by 9.6% during the third quarter. Rhumbline Advisers now owns 48,244 shares of the company’s stock valued at $4,560,000 after buying an additional 4,225 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Park National by 64.0% during the third quarter. PNC Financial Services Group Inc. now owns 8,283 shares of the company’s stock valued at $783,000 after buying an additional 3,233 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.