Park National Co. (PRK) to Issue Quarterly Dividend of $1.10 on June 10th

Park National Co. (NYSE:PRK) declared a quarterly dividend on Friday, April 24th. Shareholders of record on Friday, May 15th will be given a dividend of 1.10 per share on Wednesday, June 10th. This represents a c) dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, May 15th.

Park National has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 8 years. Park National has a dividend payout ratio of 44.4% meaning 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 $4.40 annual dividend with an expected future payout ratio of 48.7%.

Park National Trading Down 1.3%

NYSE PRK traded down $2.19 during trading hours on Wednesday, hitting $166.85. The company’s stock had a trading volume of 9,003 shares, compared to its average volume of 80,890. The stock has a fifty day moving average of $166.13 and a 200 day moving average of $162.76. The company has a quick ratio of 0.95, a current ratio of 0.94 and a debt-to-equity ratio of 0.15. Park National has a twelve month low of $149.06 and a twelve month high of $179.48. The firm has a market capitalization of $3.01 billion, a P/E ratio of 17.93 and a beta of 0.71.

Wall Street Analyst Weigh In

PRK has been the topic of several research analyst reports. Piper Sandler raised their target price on shares of Park National from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Zacks Research cut shares of Park National from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $184.00.

Park National Company Profile

Park National Corporation is a bank holding company whose primary subsidiary, The Park National Bank, provides a full suite of commercial and personal banking services. The company’s main business activities include deposit-taking, commercial and industrial lending, mortgage originations and trust and wealth management services. Park National aims to serve the financial needs of businesses, professionals, families and nonprofit organizations across its regional footprint.

Through its subsidiary banks, Park National offers traditional deposit products such as checking and savings accounts, money market accounts and certificates of deposit, alongside loan products including commercial real estate loans, agricultural lending, equipment financing and consumer installment loans.