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

Park National Co. (NYSE:PRK) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Stockholders of record on Friday, May 17th will be paid a dividend of 1.06 per share on Monday, June 10th. This represents a $4.24 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Thursday, May 16th.

Park National has raised its dividend payment by an average of 1.0% annually over the last three years and has increased its dividend every year for the last 7 years. Park National has a payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Park National to earn $7.75 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 54.7%.

Park National Price Performance

Shares of Park National stock traded up $1.42 during trading on Tuesday, hitting $135.31. 59,420 shares of the company’s stock traded hands, compared to its average volume of 45,028. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.91 and a quick ratio of 0.91. Park National has a twelve month low of $90.28 and a twelve month high of $137.26. The company has a market cap of $2.18 billion, a PE ratio of 15.28 and a beta of 0.70. The firm’s fifty day moving average price is $129.54 and its 200 day moving average price is $122.40.

Park National (NYSE:PRK) last posted its quarterly earnings results on Monday, January 22nd. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.09. Park National had a net margin of 22.03% and a return on equity of 12.28%. The company had revenue of $140.73 million for the quarter, compared to the consensus estimate of $119.14 million. Analysts forecast that Park National will post 7.6 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PRK shares. StockNews.com upgraded shares of Park National from a “sell” rating to a “hold” rating in a research report on Monday. Piper Sandler started coverage on shares of Park National in a research report on Friday, February 23rd. They set a “neutral” rating and a $130.00 target price on the 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.