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

Equities researchers at Piper Sandler began coverage on shares of Park National (NYSE:PRK) in a report released on Thursday, Marketbeat reports. The brokerage set a “neutral” rating and a $185.50 price target on the stock. Piper Sandler’s price objective indicates a potential upside of 13.64% from the company’s current price.

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

Park National Stock Down 2.2 %

Shares of NYSE PRK opened at $163.24 on Thursday. The firm’s fifty day moving average is $171.56 and its 200 day moving average is $174.04. Park National has a 52 week low of $123.08 and a 52 week high of $207.99. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 17.53 and a beta of 0.73.

Hedge Funds Weigh In On Park National

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