Park National Co. (NYSE:PRK) Plans Dividend Increase – $1.07 Per Share

Park National Co. (NYSE:PRK) declared a quarterly dividend on Tuesday, January 28th,Wall Street Journal reports. Investors of record on Friday, February 14th will be given a dividend of 1.07 per share on Monday, March 10th. This represents a $4.28 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Park National’s previous quarterly dividend of $1.06.

Park National has raised its dividend by an average of 1.0% per year over the last three years. Park National has a payout ratio of 49.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Park National to earn $8.82 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 48.1%.

Park National Stock Up 1.3 %

NYSE PRK traded up $2.27 during mid-day trading on Tuesday, hitting $171.39. The company’s stock had a trading volume of 52,096 shares, compared to its average volume of 65,376. Park National has a twelve month low of $123.08 and a twelve month high of $207.99. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 20.28 and a beta of 0.74. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company’s 50 day simple moving average is $179.89 and its 200 day simple moving average is $174.35.

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.