Park National Co. (NYSE:PRK) Announces $1.07 Quarterly Dividend

Park National Co. (NYSE:PRK) declared a quarterly dividend on Monday, April 28th, Wall Street Journal reports. Investors of record on Friday, May 16th will be given a dividend of 1.07 per share on Tuesday, June 10th. This represents a $4.28 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Friday, May 16th.

Park National has raised its dividend by an average of 1.0% per year over the last three years. Park National has a dividend payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Park National to earn $9.03 per share next year, which means the company should continue to be able to cover its $4.28 annual dividend with an expected future payout ratio of 47.4%.

Park National Trading Up 2.7 %

Park National stock opened at $151.78 on Tuesday. The firm has a 50 day moving average of $152.57 and a 200 day moving average of $169.17. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 16.30 and a beta of 0.72. Park National has a 12-month low of $131.71 and a 12-month high of $207.99. The company has a current ratio of 0.94, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRK. Piper Sandler began coverage on shares of Park National in a report on Thursday, February 20th. They set a “neutral” rating and a $185.50 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $178.00 price objective (down from $187.00) on shares of Park National in a report on Wednesday, January 29th.

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.