Park National Co. (NYSE:PRK) Declares $1.06 Quarterly Dividend

Park National Co. (NYSE:PRK) announced a quarterly dividend on Tuesday, July 23rd, Wall Street Journal reports. Investors of record on Friday, August 16th will be paid a dividend of 1.06 per share on Tuesday, September 10th. This represents a $4.24 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, August 16th.

Park National has increased its dividend payment by an average of 1.0% per year over the last three years. Park National has a payout ratio of 53.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Park National to earn $7.90 per share next year, which means the company should continue to be able to cover its $4.24 annual dividend with an expected future payout ratio of 53.7%.

Park National Trading Up 8.1 %

PRK stock traded up $13.71 during trading on Tuesday, hitting $183.87. 151,341 shares of the company traded hands, compared to its average volume of 49,355. The firm has a market capitalization of $2.97 billion, a PE ratio of 22.80 and a beta of 0.71. Park National has a 1 year low of $90.28 and a 1 year high of $186.95. The company has a 50-day moving average of $142.31 and a 200-day moving average of $134.85. 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 released its quarterly earnings results on Friday, April 19th. The company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.30. The business had revenue of $121.82 million during the quarter, compared to analyst estimates of $118.29 million. Park National had a return on equity of 12.13% and a net margin of 22.03%. Analysts predict that Park National will post 8.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PRK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $130.00 price target (up previously from $125.00) on shares of Park National in a research report on Wednesday, April 24th. StockNews.com lowered Park National from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th.

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.