Park National (PRK) AI Stock Analysis

• Market Cap: $3.01B
• Dividend Yield: 2.96%
• Average Volume (3M): 70.85K
• Price to Earnings (P/E): 14.9
• Beta (1Y): 0.81
• Revenue Growth: 6.29%
• EPS Growth: 28.28%
• Country: US
• Employees: 1,620
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.93
• Shares Outstanding: 18,066,393
• 10 Day Avg. Volume: 80,531
• 30 Day Avg. Volume: 70,846
• PEG Ratio: 0.71
• Price to Book (P/B): 1.81
• Price to Sales (P/S): 3.68
• P/FCF Ratio: 21.27
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 4.48
• Enterprise Value/Gross Profit: 5.46
• Enterprise Value/Ebitda: 12.95
• 1Y Price Target: $183.00
• Price Target Upside: 10.32% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: $185.00 ▲(11.53% Upside)
• Action: Upgraded Date: 02/24/26
• Date: Action: Upgraded 02/24/26

The score is driven primarily by strong fundamentals—improving profitability and a strengthened, conservatively levered balance sheet—partly tempered by inconsistent cash-flow trends. Valuation is supportive with a moderate P/E and a solid dividend yield, while technicals are mixed with neutral momentum and mild near-term weakness. Recent corporate events are a net positive due to the completed acquisition and dividend increase.

Positive Factors

Completed Strategic Acquisition

The First Citizens all‑stock merger materially increases scale and geographic diversification with pro forma assets, deposits and loan balances. Greater scale should improve funding diversity, revenue mix and regional market share, supporting durable growth and cross‑sell opportunities during integration.

Strengthened Balance Sheet

Marked reduction in leverage and continued equity build strengthen loss-absorption capacity and capital flexibility. A conservatively levered balance sheet increases resilience to stress, supports prudent loan growth, dividend policy and M&A execution without straining capital ratios over the medium term.

Improving Profitability and Revenue Growth

Rising top-line momentum and expanding net margins indicate stronger core banking profitability driven by loan growth and improved yields. Structural improvement in operating profitability supports internal capital generation, dividend capacity and reinvestment into the franchise over the next several quarters.

Negative Factors

Cash‑Flow Volatility

Sharp FCF decline and uneven operating cash flows reduce the reliability of earnings conversion to cash, which can constrain organic reinvestment, M&A funding and payout flexibility. Persistent volatility raises the probability of short‑term liquidity or funding strain during integration or stress periods.

Limited Balance‑Sheet Growth

Flat asset growth suggests growth has relied on margin improvements rather than expanding the loan/deposit base. Without stronger organic loan growth or successful integration uplifts from acquisitions, revenue expansion may be constrained and returns could be harder to sustain long term.

Board Leadership Transition

Retirement of a long‑tenured board leader removes deep institutional knowledge and creates a governance gap during a major integration and growth phase. Board and committee realignment could affect oversight of strategy, risk and succession, influencing execution consistency over the coming months.

Park National Business Overview & Revenue Model

Company Description

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 for individual customers. It also provides commercial loans, including financing for industrial and commercial properties, financing for equipment, inventory and accounts receivable, acquisition financing, and commercial leasing, as well as for consumer finance companies; commercial real estate loans comprising mortgage loans to developers and owners of commercial real estate; consumer loans, such as automobile loans and leases; consumer finance services; home equity lines of credit; and residential real estate and construction loans, as well as installment loans and commercial loans. In addition, the company offers aircraft financing and asset management services. As of December 31, 2021, it operated 96 financial service offices and a network of 116 automated teller machines in 26 Ohio counties, 1 Kentucky county, 3 North Carolina counties, and 4 South Carolina counties. The company was founded in 1908 and is headquartered in Newark, Ohio.

How the Company Makes Money

Park National generates revenue primarily through interest income from loans and investments, as well as non-interest income from fees for various banking services. The company's key revenue streams include interest earned on consumer loans, commercial loans, and mortgages, which are funded by customer deposits. Additionally, PRK earns fees from services such as wealth management, asset management, and transaction services. The bank also benefits from partnerships with local businesses and community organizations, enhancing its customer base and contributing to its overall earnings. The management of non-performing loans and effective cost control further supports the company's profitability.

Park National Financial Statement Overview

Summary

Strong and improving profitability with accelerating revenue and a notably more conservative balance sheet. The main offset is cash-flow volatility, including a sharp free-cash-flow decline in 2025 despite generally positive cash generation.

Income Statement

Revenue shows a strong upward trajectory, accelerating in 2024 and especially 2025, alongside improving profitability (net margin rising from ~23% in 2024 to ~27% in 2025). Operating profitability also strengthened year-over-year. The key offset is that margins are below the 2021–2022 peak levels, indicating some pressure versus prior cycle highs even though the near-term trend is positive.

Balance Sheet

Leverage has improved meaningfully, with debt-to-equity stepping down sharply from higher levels earlier in the period to a very conservative level in 2025, while equity continues to build. Profitability on shareholder capital remains solid and consistent (roughly low-to-mid teens), supporting balance-sheet quality. The main watch item is that total assets are essentially flat across recent years, implying limited balance-sheet growth despite stronger earnings.

Cash Flow

Cash generation remains positive, and free cash flow broadly tracks earnings (near ~1x net income in 2025), which is constructive. However, free cash flow dropped sharply in 2025 versus 2024 (a steep negative growth rate), and operating cash flow has been choppy across years. Overall, cash flow quality is adequate but less consistent than profitability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	664.42M	645.55M	564.30M	514.18M	475.80M
Gross Profit	545.70M	506.06M	462.84M	478.44M	471.75M
EBITDA	229.89M	196.92M	167.62M	194.28M	201.50M
Net Income	180.07M	151.42M	126.73M	148.35M	153.94M
Balance Sheet
Total Assets	9.81B	9.81B	9.84B	9.85B	9.56B
Cash, Cash Equivalents and Short-Term Investments	977.71M	1.16B	1.55B	1.92B	1.97B
Total Debt	81.71M	296.59M	425.75M	435.30M	441.33M
Total Liabilities	8.45B	8.56B	8.69B	8.79B	8.45B
Stockholders Equity	1.35B	1.24B	1.15B	1.07B	1.11B
Cash Flow
Free Cash Flow	187.43M	169.66M	142.91M	126.92M	143.24M
Operating Cash Flow	193.81M	178.85M	150.50M	134.86M	157.33M
Investing Cash Flow	-4.20M	-19.15M	64.16M	-403.70M	-412.14M
Financing Cash Flow	-303.00M	-217.40M	-186.12M	239.38M	103.52M

Park National Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 165.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRK, the sentiment is Neutral. The current price of 165.88 is below the 20-day moving average (MA) of 169.72, above the 50-day MA of 163.20, and above the 200-day MA of 160.57, indicating a neutral trend. The MACD of 2.38 indicates Positive momentum. The RSI at 47.75 is Neutral, neither overbought nor oversold. The STOCH value of 26.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PRK.

Park National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOH	74 Outperform	$3.06B	16.57	11.70%	3.99%	3.40%	23.04%
PRK	73 Outperform	$3.01B	14.93	13.69%	2.96%	6.29%	28.28%
CVBF	73 Outperform	$2.66B	12.83	21.27%	4.00%	-8.43%	3.75%
FBK	72 Outperform	$3.13B	23.90	6.98%	1.34%	10.50%	-6.22%
BANC	69 Neutral	$2.98B	16.29	6.50%	2.03%	20.64%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SBCF	62 Neutral	$3.17B	20.34	6.33%	2.25%	6.83%	23.44%

Park National Corporate Events

Park National Completes First Citizens Bancshares Acquisition Expansion

Park National Corporation has released an investor presentation intended for use with analysts and investors on or after February 9, 2026, detailing its financial position and strategic developments. As of December 31, 2025, the company reported $9.8 billion in assets, strong capital and funding profiles, and top-quartile profitability, supported by a long-tenured management team and a diversified revenue base.

The presentation highlights the closing on February 1, 2026, of Park’s previously announced acquisition of First Citizens Bancshares, Inc., a Tennessee-based bank holding company with $2.6 billion in assets, through a merger that expands Park’s scale and geographic reach. Management underscores historically strong credit quality, a high share of non-interest-bearing deposits, and robust capital levels, positioning the combined institution competitively within the banking sector and potentially enhancing returns for stakeholders through increased diversification and scale.

The most recent analyst rating on (PRK) stock is a Buy with a $180.00 price target. To see the full list of analyst forecasts on Park National stock, see the PRK Stock Forecast page.

Park National completes all-stock merger with First Citizens

On February 1, 2026, Park National Corporation completed its all‑stock merger with First Citizens Bancshares, Inc., converting each First Citizens share into 0.52 of a Park common share and immediately consolidating First Citizens National Bank into The Park National Bank, which remains the surviving bank. The deal expands Park’s footprint into Tennessee, creates a combined institution with pro forma assets of $12.6 billion, deposits of $10.5 billion and loans of $9.6 billion as of December 31, 2025, and will see First Citizens National Bank operate as a division of Park National Bank until systems conversion is completed later in 2026, with no immediate changes required for customers of either bank. As part of the transaction, former First Citizens chairman and CEO Jeffrey D. Agee joined Park’s board of directors effective February 1, 2026, signed an employment agreement with Park National Bank, and will lead the company’s newly formed Tennessee Region, reinforcing leadership continuity and local-market expertise as Park executes its growth strategy in the state.

The most recent analyst rating on (PRK) stock is a Hold with a $174.00 price target. To see the full list of analyst forecasts on Park National stock, see the PRK Stock Forecast page.

Park National Boosts Dividend Amid Ongoing First Citizens Merger

For 2025, Park National Corporation reported strong earnings growth, with full-year net income rising 18.9% to $180.1 million and fourth-quarter net income increasing 10.4% year-on-year to $42.6 million, driven by higher net interest income from loan growth, improved loan yields and lower interest expense, alongside modest credit costs and stable asset quality. Total loans expanded 3.0% and total deposits grew 1.2% (1.1% including off-balance-sheet balances) during 2025, while the efficiency ratio improved and the allowance for credit losses increased in line with loan growth; on January 26, 2026, the board raised the quarterly cash dividend to $1.10 per share, and the company moved closer to closing its previously announced merger with First Citizens Bancshares, Inc., which is expected to further expand its banking franchise and reinforce its competitive position once completed, following regulatory approvals and shareholder approval on January 21, 2026.

The most recent analyst rating on (PRK) stock is a Hold with a $173.00 price target. To see the full list of analyst forecasts on Park National stock, see the PRK Stock Forecast page.

Park National announces retirement of longtime board leader

On December 29, 2025, Park National Corporation announced that long-serving director C. Daniel DeLawder will retire and not stand for re-election to the boards of Park National Corporation and Park National Bank, with his director term ending immediately before the 2026 Annual Meeting of Shareholders. DeLawder, whose 55-year career at the bank included 15 years as CEO and leadership roles such as Chair of the Executive Committee and Chair of the PNB Wealth Management Committee, will leave a significant leadership vacancy that the Nominating and Corporate Governance Committee plans to address at its next meeting, potentially shaping the company’s future governance and strategic direction.

The most recent analyst rating on (PRK) stock is a Buy with a $177.00 price target. To see the full list of analyst forecasts on Park National stock, see the PRK Stock Forecast page.