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

Park National Co. (NYSE:PRK) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Investors 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 dividend on an annualized basis 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 raised its dividend annually for the last 7 consecutive 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 Stock Performance

PRK traded up $1.42 on Tuesday, hitting $135.31. 59,420 shares of the company traded hands, compared to its average volume of 45,028. The company has a 50 day moving average of $129.54 and a 200-day moving average of $122.40. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $2.18 billion, a PE ratio of 15.28 and a beta of 0.70. Park National has a 12-month low of $90.28 and a 12-month high of $137.26.

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

Wall Street Analyst Weigh In

PRK has been the subject of a number of analyst reports. StockNews.com raised Park National from a “sell” rating to a “hold” rating in a research note on Monday. Piper Sandler initiated coverage on Park National in a research note on Friday, February 23rd. They set a “neutral” rating and a $130.00 target price for the company.

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.